KARACHI, May 1: SG — the corporate and investment banking arm of Societe Generale Group — and Meezan Bank have announced completion of the sale of SG’s Pakistan operations to Meezan Bank, says a press release.

The State Bank of Pakistan, which will now regulate the bank, approved the amalgamation and is also working proactively to provide the requisite framework for Islamic banking in Pakistan.

Meezan Bank is currently in the process of transforming SG’s Pakistan operations in compliance with Shariah under the supervision of its Shariah Supervisory Board, comprising eminent scholars. As a part of this deal, SG will also invest Rs100 million in the share capital of Meezan Bank, representing approximately seven per cent of the total paid-up capital.