Mybank BoD approves amalgamation plan

The board of directors of Mybank Limited has approved the draft scheme of amalgamation under the provisions of section 48 of the Banking Companies Ordinance, 1962, subject to approval of shareholders and State Bank of Pakistan, and any modification which may be carried out by SBP.
According to the information sent to Karachi Stock Exchange (KSE), the board of directors also approved valuation and swap ratio as presented to the board and the issuance of 0.80 share of Summit Bank Limited (formerly Arif Habib Bank Limited) to be issued to the shareholders of Mybank Limited in exchange for one share of Mybank Limited.