KARACHI, Oct 18 The Faysal Bank said it has completed the process to acquire 99.37 per cent shareholding in Royal Bank of Scotland Ltd (RBS Pakistan) from its principal shareholder RBS N.V. for 41 million euros or Rs4.298 billion.

In a communiqué sent to the KSE here on Monday, the FBL said that the board of directors of RBS Pakistan has been reconstituted. Syed Naseem Ahmed has been appointed new chairman and Naveed A Khan new CEO, replacing Mohammad Aurangzeb and Salman Sarwar Butt, respectively.—APP