Faysal Bank

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Faysal Bank Private Limited
TypePublic
PSXFABL
IndustryIslamic banking
FoundedOctober 3, 1994
HeadquartersKarachi, Pakistan
Key people
Yousaf Hussain
Chief Executive & President[1]
ProductsIslamic banking, loans, consumer banking, credit cards, savings
Number of employees
3,610
ParentIthmaar Bank
Websitefaysalbank.com

Faysal Bank Limited (فیصل بینک (پرائیویٹ) لمیٹڈ) is a Pakistani Islamic and commercial bank, a subsidiary of the Bahraini bank Ithmaar Bank,[2] based in Karachi, Pakistan.[3] It is named after Faisal of Saudi Arabia.

History[edit]

Faysal Bank started in Pakistan in 1987 with a tiny branch and as a subsidiary of Faysal Islamic Bank, a Bahraini bank owned by Mohammed bin Faisal Al Saud, the son of the late King Faisal of Saudi Arabia.[4]

It was incorporated in Pakistan on October 3, 1994, as a public limited company under the Companies Ordinance, 1984. ABN AMRO Bank Pakistan, a predecessor to Faysal Bank, acquired Prime Commercial Bank consisting of 69 branches and spanning 24 cities in 2007 for US$227 million to expand its loan and deposit base.[5]

In June 2010, Royal Bank of Scotland sold its Pakistan operations to Faysal Bank for GB£34 million.[6]

In 2014 it announced that it plans to convert itself into full-fledged Islamic Bank in three to five years.[7]

References[edit]

  1. ^ "Senior Management - Faysal Bank".
  2. ^ "A Bank in Pakistan is Splurging on 200 New Branches". Bloomberg. 1 May 2019. Retrieved 6 August 2020.
  3. ^ "About Faysal Bank". Archived from the original on 2011-10-11. Retrieved 2011-09-24.
  4. ^ Report, Monitoring (April 16, 2018). "Gulf investors seek exit opportunity from Pakistan's banking industry".
  5. ^ "Banks` appetite for acquisitions". DAWN.COM. May 3, 2010.
  6. ^ "RBS sells its operations in Pakistan". BBC. 16 June 2010. Retrieved 6 August 2020.
  7. ^ "Pakistan's Faysal Bank to convert into Islamic bank". Reuters. 2014-03-25. Retrieved 2020-07-09.

External links[edit]