KARACHI, Oct 17: The Faysal Bank has announced acquisition of the controlling interest in Pakistan operations of Royal Bank of Scotland from the RBS group for 41 million euros.

The merger of RBS Pakistan into Faysal Bank is expected to be completed by January, subject to regulatory approvals.

A Faysal Bank statement said the acquisition would place it among the top 10 banks in the country. “This acquisition is a milestone in Faysal Bank's strategy to expand its presence and commitment to Pakistan, while offering a wider range of products across all business segments, with continued focus on improving customer experience.

“The expansion will result in positioning the bank as one of the key players in the financial sector,” Naved Khan, president and chief executive of the bank, said.