KARACHI, Jan 17: Atlas Investment Bank Limited announced on Tuesday that the Atlas Group had acquired Dawood Bank Limited and was in the process of merging Atlas Investment Bank Limited (AIBL) and Dawood Bank Limited (DBL).

In a notice to the stock exchanges AIBL stated that the bank had shifted its Islamabad branch from the existing premises to the premises of DBL within the same city. Nothing more was conveyed in this notice.

First Dawood Investment Bank — the name with which it is listed on the stock exchanges — was incorporated on June 22, 1994 as a Dawood Leasing Company Limited with paid-up capital of Rs250 million. On the KSE, AIBL stood quoted at a price of Rs34.05 and FDIB at Rs26 at the close of trading on Tuesday.