KARACHI (January 31 2003) : A new bank, Trust Commercial Bank, will emerge after acquiring Doha Bank branch in Karachi, said banking sources.
The Doha Bank has only one branch in Karachi while its other Lahore branch has already been closed in March 2001.
Trust Investment Bank has decided to merge with Trust Commercial Bank Ltd and for which it sought approval of the stock exchanges.
It would acquire the Doha Bank's Pakistan operations.
With acquiring of Doha Bank's operation, the name of the new bank would be Trust Commercial Bank and its paid-up capital would be Rs 1 billion.
The amount of Rs 1 billion as the minimum paid-up capital is a requirement of the SBP.
In view of the continuous losses, the management of Doha Bank had decided in 2000 to close down the operations of the Lahore branch.
The SBP advised the branch to surrender its banking licence for cancellation, however, the same was not surrendered.
During the year 2001, the management of the Head Office had decided to completely close down its Pakistan operations.
This was decided in view of the fact that Pakistan operations were no more viable.