Karachi, May 07, 2015 (PPI-OT): State Bank of Pakistan is pleased to inform the depositors of KASB Bank Limited (“the bank”) that scheme of amalgamation of the bank has been approved by the Federal Government. In terms of the amalgamation scheme, KASB Bank Limited has been merged with and into Bank Islami Pakistan Limited.
Accordingly, the moratorium placed on former KASB Bank Limited has been lifted with immediate effect. The 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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State Bank of Pakistan (SBP)