The board of directors of Mybank in its meeting on Wednesday approved the draft scheme of amalgamation, subject to the approval of shareholders and State Bank of Pakistan, and any modification which may be carried out by SBP.
According to an information sent to Karachi Stock Exchange (KSE), the board of directors of the bank also appointed Husain Lawai, President and CEO of Summit Bank to act as President and CEO of Mybank, in place of Muhammad Zahir Esmail, as approved by SBP vide its letter date April 16, 2011.