VOL. XXXIX
No. 21
19-February-1996
SAUDI ARABIA
Faysal Islamic Fails To Buy Stake In Pakistani Bank
Faysal Islamic Bank of Bahrain, a small offshore banking institution and part of the larger Dar al-Mal al-Islami group, has failed in its bid to buy a stake in the Pakistani United Bank Limited (UBL). On 15 February, the Pakistani Privatization Commission reportedly rejected Faysal Islamic's $39mn bid for a 26% stake in UBL on the grounds that it involved many conditions.
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