KASB Bank de-scheduled

The SBP has announced the de-scheduling of KASB Bank Limited with immediate effect. According to SBP circular, "In exercise of the powers conferred on it by clause (b) of Sub-Section (2) of Section 37 of the State Bank of Pakistan Act, 1956, the State Bank of Pakistan on account of merger of KASB Bank Limited with and into BankIslami Pakistan Limited, in terms of Sanction Order issued under Section 47 of the Banking Companies Ordinance, 1962 hereby directs the de-scheduling of KASB Bank Limited with immediate effect."
In pursuance to the Scheme of Amalgamation of KASB Bank Limited with and into BankIslami Pakistan Limited, the SBP has also declared that the banking license of KASB Bank Limited will stand cancelled with immediate effect.