The State Bank of Pakistan has notified that the name of Metropolitan Bank Limited has been changed as 'Habib Metropolitan Bank Limited' with effect from October 26, 2006. The decision was taken in exercise of the powers conferred on it by clause (C) of sub-section (2) of Section 37 of the State Bank of Pakistan Act, 1956.
The SBP has also notified the de-scheduling of Habib Bank AG Zurich Pakistan Operations with effect from the close of business of October 25, 2006 on account of its merger with and into Metropolitan Bank Limited sanctioned on September 29, 2006, in terms of provision of Section 48 of the Banking Companies Ordinance 1962.
The SBP has also cancelled the banking licence of Habib Bank AG Zurich Pakistan Operations with effect from the close of business of October 25, 2006.