Faysal Bank Limited announced the merger of The Royal Bank of Scotland Limited (RBS Pakistan) into Faysal Bank Limited. This merger has been completed in record time, within three months of acquiring controlling interest. All RBS Pakistan branches have been converted and branded as Faysal Bank.
This acquisition has expanded Faysal Bank's footprint to over 200 branches, with combined business assets of over PKR 250 billion, further strengthening its balance sheet and placing it amongst the top ten banks in Pakistan.
In a statement to the press, President & CEO, Naved A. Khan commented: 'This merger will enhance our geographical footprint, customer base and product suite. In addition, we will have multiple touch-points for customer convenience. Our focus continues to be on customer satisfaction and providing world class service.'
He added: 'I would like to thank our customers for their continued patronage that has brought us here today. Also critical to the integration process was the hard work and commitment of all employees. This merger results in potentially greater career and development opportunities for employees of the combined entity.'
Faysal Bank's strategic plan envisages sustained optimal growth which will be fast tracked with this merger. This strategy will be augmented in 2011 with several planned branch openings and new product offerings. -PR