Al Baraka, Emirates Global Islamic merge Pakistan operations

MANAMA (Reuters) - 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 (EIG) 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.

(Reporting by Frederik Richter)