State Bank de-schedules Mybank after its merger into Summit Bank

Karachi: State Bank of Pakistan, following amalgamation of Mybank Ltd. (MBL) with and into Summit Bank Limited, has cancelled licence of Mybank Ltd. and notified its de-scheduling effective Thursday.

According to a notification issued Wednesday, SBP, in exercise of powers conferred on it by clause (b) of Sub-Section (2) of Section 37 of State Bank of Pakistan Act, 1956, has directed de-scheduling of Mybank Limited with effect from close of business on June 30, 2011, on account of its merger with and into Summit Bank Limited.

Another notification says that, subsequent to Mybank’s merger with and into Summit Bank Limited, SBP, in exercise of powers conferred on it by Section 27 (4)(i) of Banking Companies Ordinance,1962 has cancelled banking licence, No. BL-3 dated January 01, 1992, issued to MBL with effect from close of business on June 30, 2011.

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