LAHORE (PR) - Al Baraka Islamic Bank BSC (C) (Bahrain), wholly owned subsidiary of AL Baraka Banking Group (ABG) (Bahrain), and Emirates Global Islamic Bank announced their intention to merge the branches of Al Baraka Islamic Bank in Pakistan and Emirates Global Thlamic Bank Pakistan under the name of Al Baraka Bank Pakistan. The merger will lead to the emergence of a bank that has assets in excess of $582 million and a network of 90 branches covering 35 cities and towns in Pakistan. The process of obtaining the necessary approvals from the regulatory authorities in Bahrain and Pakistan is under way. On this occasion, Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group (ABG), said that the merger between the two banks reflects the groups strategy to expand in the Pakistani market as a part of its global strategies to strengthen its presence and operations in promising Islamic markets. The said merger will create a high value-addition not just for the merged bank but also for the banking and financial market in Pakistan which is considered to be one of the most important markets in the Muslim world.