KASB Bank amalgamated with Bank Islami Pakistan

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KARACHI: KASB depositors received somewhat good news on Thursday as State Bank of Pakistan (SBP) announced that the moratorium on KASB Bank Limited has been lifted and it has been merged with Bank Islami Pakistan.

All account holders of KASB can withdraw their money from their branches adding that all KASB depositors have been transferred to BankIslami, the SBP spokesman said.

The SBP appreciated the patience of KASB bank depositors for a period of six months.

It is pertinent to mention here that the SBP had placed the KASB Bank Limited under moratorium for a period of six months to protect the interest of depositors and other stakeholders and the moratorium would be effective from the close of business on November 14.