Askari Bank/Leasing merger move approved

Posted on November 17, 2009 by AAJ News Archive in Business

The board of directors of Askari Bank Limited

has granted approval for the merger of Askari Leasing Limited with and into the
Askari Bank. The board of directors of the bank in its meeting held on Monday gave
this approval on the basis of a ratio of one share of Askari Bank in exchange of 1.83
shares of Askari Leasing, subject to the approval of its shareholders and regulatory
authorities.
The board of directors of Askari Leasing also granted the same approval in its meeting
held the same day. The Askari Bank notified the Karachi Stock Exchange that Askari
Bank will now progress to complete the formalities for the said merger, including
seeking approval of its shareholders and regulatory authorities.

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