In a notice to Pakistan Stock Exchange, Faysal Bank Limited has said that Bank of Bahrain and Kuwait’s (BBK) plan to acquire assets from Ithmaar Holding (Faysal Bank’s Holding Company) have been abandoned.
Previously, BBK and Ithmaar entered into a memorandum of understanding (MOU) on September 14, 2020, for the possible acquisition of certain assets by BBK from Ithmaar.
However, after Initial due diligence, Ithmaar and BBK could not agree on terms and conditions for acquisition. Accordingly, both parties have agreed to abandon all efforts in this connection.
The notice further mentioned that the proposed acquisition never included the acquisition of Faysal Bank’s assets in Pakistan, held by Ithmaar Bank BSC and as such the transaction would not have affected the ultimate beneficial ownership of Faysal Bank Ltd.