JS Bank announced on Friday that it has completed the acquisition of majority voting shares and control of BankIslami Pakistan Limited. (BIPL)

In a notice to the Pakistan Stock Exchange (PSX), the bank said that the acquisition has successfully been completed and the bank has acquired 67.33 percent ordinary shares of BIPL vide agreement as well as through public offer.

BIPL will now be classified as a subsidiary of the bank, the notice added.

In a separate notice, BankIslami said that by virtue of the execution of share swap in the ratio of 1.1318 ordinary shares of JS Bank Limited for every 01 ordinary shares of BankIslami held by Jahangir Siddiqui and Co. Ltd under share purchase agreement, the total shareholding of Jahangir Siddiqui and Co. Ltd in BankIslami as on August 17, 2023, is nil ordinary shares.

Source: Pro Pakistani