KARACHI: Bank Islami Pakistan has said that it would submit plan to buy KASB Bank for a nominal fee.
Bank Islami received regulatory approval in January to open 105 new branches. The bank has 213 branches across the country.
State Bank of Pakistan has imposed six month moratorium on KASB Bank in November as the lender struggled to meet capital adequacy requirements.
Bank Islami would take over all the assets of KASB bank and will own all the liabilities of the bank after the deal.
Bank of ISlami will have to pay a nominal cast of 1000 rupees only for the deal.
