Banking sector is going through some serious changes these days. Al Baraka Bank is quite a known bank in Pakistan and holds a great repute. Recently Al Baraka Bank has acquired all the branches, operations and human resource of Burj bank. This is quite a news for banking professionals and enthusiasts. This move will be effective from 1st of November 2016. Burj Bank has 74 branches along with the deposits worth 20 billion rupees.
Now, Al Baraka Bank has a total of 224 branches all around Pakistan in 100 cities. Plus, the value of collective deposits is around Rs 110 billion. From 8 billion PKR to 12 billion PKR is the total amount of paid-up capital that is increased in Al Baraka’s Bank. Moreover, Al Baraka Bank has absorbed liabilities of 25 billion PKR along with 450 million PRK losses of Burj Bank.
It is expected that the merger of two struggling bank will result in the creation of a stronger bank with better operations and lucrative outcomes.