KARACHI, July 18: PICIC Commercial Bank will be merged with Pakistan Industrial Credit and Investment Corporation to become PICIC Bank by September 30, 2005. This was stated by PICIC Managing Director Muhammad Ali Khoja while talking to reporters at the 4th SPARK conference that discussed six months’ performance and targets for the next half-year here on Sunday.

“There is no delay in this merger as has been speculated. The fact is that the matter has taken a little longer due to tax issues,” he added.

Mr Khoja pointed out that the Central Board of Revenue had clearly stated that due to tax losses, PICIC could not be merged with PICIC Commercial Bank. In fact, PICIC Commercial Bank has to be merged with PICIC, he observed.—APP