KARACHI, Dec 5: The State Bank has allowed the American Express Bank’s amalgamation with the Jahangir Siddiqui Investment Bank Ltd.

The merger agreement was signed six months ago and the JS Bank had sought approval of the central bank.

“The State Bank has issued its order sanctioning the scheme of transfer and amalgamation of the American Express Bank’s commercial banking business in Pakistan with all assets and liabilities into JS Bank Limited, and scheme for simultaneous transfer and amalgamation of Jahangir Siddiqui Investment Bank Limited’s investment banking business with all assets and liabilities into JS Bank Ltd,” said a release issued here on Tuesday.

Analysts said that after acquiring American Express, the JS Bank will become a schedule bank. The AEB has four branches in the country.