BankIslami reaches deal for share acquisition

KARACHI, Aug 23: BankIslami on Thursday confirmed that it had reached an agreement with Jahangir Siddiqui and DCD Investment Ltd of JS Finance Limited for acquiring their 100 per cent shareholding in the bank.

The State Bank of Pakistan has already given a green signal to the bank for this acquisition.

BankIslami is a joint venture of Dubai Bank, DCD Group of UK and Jahangir Siddiqui and Company Ltd. with each party owning 18.75pc of the bank. There has been no change in the shareholding of the bank.

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