KASB Bank merger with BankIslami approved

KARACHI (Staff Report) - The State Bank of Pakistan is pleased to inform the depositors of KASB Bank limited that scheme of amalgamation of the bank has been approved by the Federal Government here on Thursday.

In terms of the amalgamation scheme, KASB Bank Limited has been merged with and into BankIslami 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 BankIslami Pakistan Limited and are free to operate their accounts maintained at the respective branches of the former KASB Bank Limited as per their convenience.

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.