Moratorium lifted: Govt approves KASB Bank’s merger
According to the amalgamation scheme, KASB Bank Limited has been merged with and into Bank Islami Pakistan Limited PHOTO: PPI
The State Bank of Pakistan (SBP) has announced that the federal government has approved the scheme of amalgamation of KASB Bank.
In a press release issued on Thursday, the SBP told the depositors of KASB Bank that according to the amalgamation scheme, KASB Bank Limited has been merged with and into Bank Islami Pakistan Limited. Accordingly, the moratorium placed on the former KASB Bank has been lifted with immediate effect.
“The depositors of KASB Bank are now depositors of Bank Islami Pakistan and are free to operate their accounts maintained at the respective branches of the former as per their convenience.”
According to the merger scheme prepared by the SBP, the acquisition of KASB Bank by Bank Islami would take place at a ‘token nominal value’ of Rs1,000. In the light of this development, the SBP reiterated its commitment to safeguarding the interests of depositors and ensuring the safety and soundness of the country’s banking system.
Published in The Express Tribune, May 8th, 2015.