The State Bank of Pakistan has given the go-ahead to Meezan Bank Limited (MBL) to complete acquisition of HSBC Bank’s Pakistan unit.
The acquisition has to be done within two months.
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An indirect, wholly owned subsidiary of HSBC Holdings, HSBC Pakistan comprises 10 branches in different cities of the country and has assets worth PKR48bn as of 2013 end.
The State Bank of Pakistan had asked MBL to complete all merger formalities in May, which included consent of shareholders and adherence to applicable laws, and Shariah standards.
The merger would be considered separately under section 48 of Banking Companies Ordinance, 1962 due its compliance with applicable laws, and regulations.
The merger deal, expected to complete before this year end, has also been approved by the Competition Commission of Pakistan last month.
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