Summit bank merger: SBP cancels licence of Mybank

State Bank cancels Mybank's license following its merger with Summit Bank.

KARACHI:

The State Bank of Pakistan (SBP) has announced that following the amalgamation of Mybank Limited into Summit Bank Limited, it has cancelled the licence of Mybank and notified its de-scheduling.

According to a notification issued on Wednesday, SBP, in exercise of powers conferred by clause (b) of Sub-Section (2) of Section 37 of the State Bank of Pakistan Act, 1956, has directed the de-scheduling of Mybank with effect from the close of business on June 30, on account of its merger with and into Summit Bank.

Published in The Express Tribune, June 30^th, 2011.