Summit bank merger: SBP cancels licence of Mybank

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


Express June 29, 2011

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 30th, 2011.

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