Karachi: State Bank of Pakistan Banking Policy and Regulations Department Karachi
1. The President/CEO
Summit Bank Limited
2. The President/CEO
Please refer to your joint letter No. nil dated June 20, 2011 requesting therein for approving the effective date of the subject of amalgamation.
2. In this connection, it is informed that State Bank of Pakistan, in pursuance of the Sanction Order dated June 20, 2011, wherein sanctioning the Scheme of Amalgamation of Mybank Limited with and into Summit Bank Limited (the Scheme) under Section-48 of Banking Companies Ordinance (BCO), 1962, is pleased to announce the effective date of the Scheme as June 30, 2011 (close of business).
3. Summit Bank Limited shall, ensure that it complies with all the requirements laid down in the Sanction Order as well as with all the relevant legal and regulatory requirements, failing which the Summit Bank Limited will become liable to action under the relevant provisions of the BCO, 1962.
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