SBP de-schedules Mybank after merger into Summit Bank

KARACHI: The State Bank of Pakistan (SBP), following the amalgamation of Mybank Ltd (MBL) with and into Summit Bank Limited, has cancelled the licence of Mybank Ltd and notified its de-scheduling effective tomorrow.According to a notification Wednesday, the SBP in exercise of the powers conferred on it by clause (b) of sub-section (2) of section 37 of the State Bank of Pakistan Act, 1956 has directed the de-scheduling of Mybank Limited with effect from the close of business on June 30, 2011 on account of its merger with and into Summit Bank Limited.Another notification said subsequent to Mybank’s merger with and into Summit Bank Limited, the SBP in exercise of powers conferred on it by section 27 (4) (i) of Banking Companies Ordinance 1962 has cancelled the banking licence, No BL-3 January 1, 1992 issued to MBL with effect from the close of business on June 30, 2011. – Dailytimes