The Board of Directors of BankIslami Pakistan Limited has decided to enter into a memorandum of understanding (MOU) with the Emirates Global Islamic Bank Limited, Pakistan (EGIBL) in relation to a proposed acquisition/merger of the EGIBL with BankIslami in such a way that BankIslami remains the surviving entity.

In a notice sent to Karachi Stock Exchange (KSE) on Monday, the BankIslami said that the said transaction is subject to satisfactory due diligence, regulatory consents, and execution of a biding agreement between the parties. The BankIslami will commence due diligence shortly, subject to necessary approvals, the notice added.

Copyright Business Recorder, 2010