Govt approves KASB merger with BankIslami

ISLAMABAD: The Federal Government has approved the scheme of amalgamation of the KASB Bank Limited with Bank Islami Pakistan Limited, ARY News reported.

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State Bank of Pakistan (SBP) in the press release issued on Thursday informed the depositors of KASB Bank Limited that in terms of the amalgamation scheme, KASB Bank Limited has been merged with and into BankIslami Pakistan Limited.

The moratorium placed on former KASB Bank Limited has been lifted with immediate effect, said SBP.

It further stated that depositors of the former KASB Bank Limited are now depositors of Bank Islami Pakistan Limited and are free to operate their accounts maintained at the respective branches of the former KASB Bank Limited as per their convenience.

Lifting of Moratorium on KASB Bank Limited, State Bank of Pakistan acknowledges the patience shown by the depositors of the former KASB Bank Limited as well as their confidence on the regulator during moratorium period.

State Bank of Pakistan reiterates its commitment to safeguard the interests of depositors and to ensure safety and soundness of the banking system of the country.

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