KARACHI: State Bank of Pakistan (SBP) on Thursday informed 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 lslami Pakistan Limited, a statement of State Bank said here.
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 lslami Pakistan Limited and are free to operate their accounts maintained at the respective branches of the former KASB Bank Limited as per their convenience.
The SBP acknowledges the patience shown by the depositors of the former KASB Bank Limited as well as their confidence on the regulator during moratorium period, it said.
The SBP 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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