LAHORE: The merger of Faysal Bank and Royal Bank of Scotland (RBS) is likely to be completed by January 1, 2011, sources said.

Sources in State Bank of Pakistan said that after clearance about the bank staff, transfer of payments, loans of the banks and other vital issues the completion of the merger is likely to be announced on the first day of next year.

They said Faysal Bank would take over all 70 branches of RBS from January 1.

They said that after the merger the number of branches of Faysal Bank would increase from 135 to 205.

Faysal Bank also plans to add 95 branches in 2011 which would spread its banking network in various cities and rural areas of the country.

The earnings per share (EPS) of Faysal Bank in first nine months of the calendar year stood at Rs2.98.