KARACHI: KARACHI: Meezan Bank has acquired Pakistani branch operations of HSBC Bank Middle East after fulfilling all regulatory requirements. HSBC Pakistan consisted of 10 branches and had total assets of Rs48 billion at the end of 2013. After the merger, all customers of HSBC Pakistan will automatically become customers of Meezan Bank.
Earlier, State Bank of Pakistan had sanctioned the Amalgamation of USBC Bank Middle East Limited with and into Meezan Bank Limited with effect from October 17, 2014.
A letter dated October 17 issued by Shaukat Zaman, Director Banking Policy & Regulations Department, Karachi, State Bank of Pakistan said that Meezan Bank Limited shall ensure that it complies with all the requirements laid down in the Sanction Order (dated September 22, 2014) as well as with all the relevant legal and regulatory requirements, failing which the Meezan Bank will become liable to action under the relevant provisions of the BCO, 1962.
