InfoAnda - Al Baraka, Emirates Global Islamic merge Pakistan ops

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Al Baraka, Emirates Global Islamic merge Pakistan ops Reuters - Monday, April 26 Send IM Story Print MANAMA, April 25 - Bahrain-based Islamic lender Al Baraka <BARKA.BH> said on Sunday it would merge the Pakistani operations of one of its units with Emirates Global Islamic Bank, creating a bank with assets of $582 million. Al Baraka said in a statement the merger of Al Baraka Islamic Bank's Pakistani operations with Emirates Global Islamic Bank was part of its strategy to expand in Pakistan, but did not disclose any financial details of the merger transaction. It said the new entity would be named Al Baraka Bank Pakistan. Emirates Global Islamic bank began its operations in Pakistan in 2007. Its shareholders include the Emirates Investment Group and Al Rajhi Investment Group. EIG said last year it planned to expand in Pakistan by more than doubling its retail network. Dubai Islamic Bank <DISB.DU>, another Gulf lender with operations in Pakistan, has also said it plans to expand in the country this year as Gulf lenders seek to tap opportunities in the country's emerging Islamic finance industry. (Click on [ID:nISLAMIC] for more Islamic finance stories and <ISLAMIC> for a speed guide) Recommend Send IM Story Print Related Articles RPT-UPDATE 1-Swire Properties plans to raise $2.7 bln in IPO -so Reuters - 30 minutes ago US-BUSINESS Summary Reuters - 31 minutes ago E.ON shortlists 3 bidders for U.S. business: sources Reuters - 32 minutes ago UPDATE 2-Malaysian govt scrapes by in by-election win Reuters - 45 minutes ago Canada says expects Greek aid package to grow Reuters - 55 minutes ago News Search Top Stories World Bank agrees power shift to emerging nations: US IMF 'confident' of timely Greek finance agreement Emerging countries to demand bigger say at World Bank Pressure mounts for swift Greek bailout Revolutionary Hubble space telescope turns 20 More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Ex-Bin Laden bodyguard writes against Qaeda Furor over French Muslim woman fined for driving veiled Emails show Goldman Sachs bet on housing market decline Luxury Mumbai attacks hotel reopens Revolutionary Hubble space telescope turns 20 More Most Viewed » Apple engineer loses iPhone prototype Two-million-year-old hominid sheds light on evolution Taiwan's male 'Susan Boyle' a web sensation Furor over French Muslim woman fined for driving veiled Airlines want compensation as Europe's skies reopen More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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