Karachi October 5 2021: Ithmaar Holding B.S.C. ("Ithmaar Holding"), the parent of Ithmaar Bank, has entered into Memorandum of Understanding with Al-Salam Bank-Bahrain B.S.0 ("Al-Salam") for exploring potential acquisition by Al-Salam of a group of assets from Ithmaar Holding ("Proposed Transaction").
Ithmaar Bank holds, directly and indirectly, approximately 66.78% of the total shareholding ("FBL Shareholding") in Faysal Bank Limited ("FBL"). Ithmaar Bank is at present a wholly-owned subsidiary of Ithmaar Holding. In other words, Ithmaar Holding is the ultimate beneficial owner of the FBL Shareholding.
We further understand that in the event that the Proposed Transaction is undertaken, the FBL Shareholding will not be part of the assets to be acquired by Al-Salam. As such FBI's ultimate beneficial ownership will not change.
It is important to note that the Proposed Transaction is still in the very early stage and is not legally definitive.