The State Bank of Pakistan (SBP) has approved the merger of Barclays Bank’s Pakistani operations with Habib Bank Limited (HBL).
Following the approval, the entire operations of Barclays Bank including its eight branches in Karachi, Islamabad, Rawalpindi and Lahore, depositors and creditors will be transferred to HBL.
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The acquisition, approved under Section 48 of the Banking Companies Ordinance 1962, will be effective from 15 June 2015.
SBP permitted HBL to conduct its due diligence of Barclays Bank for acquisition of its operations in Pakistan in November 2014.
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By GlobalData
