Currently, with a 30 percent stake in Faysal Management Company, the board of director of Faysal Bank Limited has decided to acquire the completely.
With the investment of around Rs.315 million to acquire shares, the bank has confirmed its investment in the asset management company.
50% shares will be acquired from Islamic Investment company of the Gulf (Bahamas) Limited. And 19.99% shares will be acquired from the investor Razi-ur-Rehman khan.
Accordingly, 7.5 million voting shares of Islamic Investment Company of the Gulf (Bahamas) and the remaining 2.99 million shares have been negotiated to be bought at 30 per share price.
Being one of the growing banks in Pakistan, Faysal Bank Limited is planning to convert its conventional banking system into the Sharia-compliant banking system.
Ithmaar Bank the major sponsor of Faysal Bank has planned to add one hundred more branches across Pakistan and by this, the total number of branches will increase to 500 in the year 2018.
Faysal Bank Limited recorded a 34 percent decline in its profits during the first quarter of 2018. The bank’s profits decreased to Rs. 1.217 billion during January to March 2018 as compared to Rs. 1.867 billion in profits during the same period last year.