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SBP approves merger of ABN Amro and Prime Commercial Bank

KARACHI (September 01 2007): The State Bank of Pakistan (SBP) on Friday has granted final approval for the merger of ABN Amro Bank N.V. Pakistan and “Prime Commercial Bank Limited”(PCB) into new bank namely “ABN Amro Bank (Pakistan) Limited.”

In exercise of the powers conferred on State Bank of Pakistan (SBP) has notified that the name of “Prime Commercial Bank Limited” has been changed to “ABN Amro Bank (Pakistan) Limited” with effect from September 1, 2007.

SBP also has directed the de-scheduling of ABN Amro Bank N.V. Pakistan branches with effect from the close of business of August 31, 2007 on account of its merger with and into Prime Commercial Bank Limited, in terms of provision of Section 48 of the Banking Companies Ordinance, 1962.

In pursuance to scheme of amalgamation of ABN Amro Bank N.V. Pakistan Branches with and into Prime Commercial Bank Limited (PRCBL), sanctioned on August 31, 2007 under Section 48 of the Banking Companies Ordinance, 1962, SBP in exercise of powers conferred has cancelled the banking license of ABN Amro Bank N.V. Pakistan Branches with effect from the close of business of August 31, 2007.

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