Bahrain's Al Baraka to merge unit with Pakistan's Burj Bank

September 5, 2016 11:47 AM

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Bahrain's Al Baraka to merge unit with Pakistan's Burj Bank

DUBAI Bahrain-based Al Baraka Banking Group BARKA.BH, one of the Gulf's top Islamic banks, said its Pakistani unit would merge with Pakistan's Burj Bank to create an institution with assets totaling more than $1.1 billion.

The merger, which was approved by shareholders of the two banks last month and still needs regulatory approvals, would see Burj Bank holders receive one Al Baraka Bank (Pakistan) share for every 1.7 shares in Burj, the Bahraini bank said on Monday.

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