SBP announces KASB Bank merger with BankIslami

KARACHI (92 News) – The State Bank of Pakistan has announced the merger of KASB Bank Limited with Bank Islami Pakistan Limited. According to a press release by the SBP, 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. 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.