KARACHI, May 17: The State Bank of Pakistan has issued a licence to HSBC Bank Middle East Ltd. which has started operating as a scheduled bank in Pakistan with effect from May 16, 2008.

It may be added here that Hongkong and Shanghai Banking Corporation Limited’s licence has been cancelled after its de-scheduling with effect from May 15, 2008 on account of its merger with and into the HSBC Bank Middle East Limited-Pakistan Operations, in terms of provision of Section 48 of the Banking Companies Ordinance, 1962.

It may be pointed out that above-mentioned decisions were taken in pursuant to the scheme of amalgamation of the Hongkong and Shanghai Banking Corporation Limited-Pakistan Operations with and into the HSBC Bank Middle East Limited-Pakistan Operations, sanctioned on April 18, 2008 under Section 48 of the Banking Companies Ordinance (BCO) 1962.