KARACHI, Aug 31: The merger of Prime Commercial Bank into ABN Amro Bank has finally been completed and the State Bank on Friday officially allowed the change of the name of the Prime Bank.
“SBP is pleased to notify that the name of “Prime Commercial Bank Limited” has been changed to “ABN Amro Bank (Pakistan) Limited” with effect from Sept 1, 2007,” said a notification of the SBP.
Through another notification, the State Bank directed de-scheduling of ABN Amro Bank N.V. Pakistan branches with effect from the close of business on Aug 31 on account of its merger with and into Prime Commercial Bank Limited.
The Prime Bank was the third largest bank sold to international banks. The first one was the Union Bank acquired by the Standard Charter Bank and Picic Commercial Bank by the NIB Bank.
The mergers brought fortunes for sellers while top international banks found much enlarged access to Pakistani market through a country-wide branch network of the these banks.
It is believed that the flourishing economy and record banking profits attracted foreign banks to penetrate in Pakistan and grab a bigger share through their international exposure and experiences, coupled with high-tech sophistication and innovative banking products.
