BankIslami to conduct due diligence on EGIBL

State Bank of Pakistan has permitted BankIslami to conduct due diligence on Emirates Global Islamic Bank Limited.

Earlier, the Board of Directors of BankIslami Pakistan Limited entered into a Memorandum of Understanding with the Emirates Global Islamic Bank Limited in relation to a proposed acquisition/merger. BankIslami will be the surviving entity.

BankIslami had announced that it was looking to acquire even a conventional bank. It is also close to acquiring one of the two consumer portfolios of Citibank Pakistan.