KARACHI, June 16: Crescent Investment Bank Ltd. and Pakistan branches of the UAE-based Mashreqbank have merged into a new commercial bank — MashreqBank Pakistan Ltd (MBPL). The paid-up capital of the new bank created through the joint venture of the two entities is Rs1.475 billion. The merger has already been sanctioned by the State Bank of Pakistan through a scheme of amalgamation submitted by the merging entities, says a press release.

Crescent Investment Bank is a financial institution of the Crescent Group — a multi-billion asset-based industrial conglomerate having numerous companies listed on the stock exchange.

Coupled with the well-established global repute of MashreqBank, especially in the Middle East, MBPL will be able to play a pivotal role in tapping the potential of the Middle Eastern market for investment in Pakistan.

“The immediate upgradation of its technological capabilities and the launch of several new products in the very near future will be MBPL’s top priority,” the release quotes Azmat Ashraf, the chief executive of officer of the new bank, as saying.