In a surprise, Sindh Bank to merge with Summit Bank accused in money laundering scam

In a surprise, Sindh Bank to merge with Summit Bank accused in money laundering scam
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KARACHI - A meeting of the Board of Directors of Sindh Bank Sunday approved merger with Summit Bank which is under investigations for money laundering scam.

The management of both the banks will now approach the Supreme Court for issuance of NOC.

Following the approval, the next step would be to take permission from State Bank of Pakistan.

Summit Bank has 193 branches across the country, while Sindh Bank has 225 branches across Pakistan.

After integration, the total number of branches will be 418.

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