KARACHI, Nov 20: Al-Meezan Investment Bank Limited has called an Extraordinary General Meeting of the shareholders on December 11 to seek approval for the change in name of the bank to ‘Meezan Bank Limited’.

The bank said that in view of the change in the nature of business of Al-Meezan Investment Bank Limited from investment banking to commercial banking, the name was required to be changed, subject to and to be effective from the date of the grant of the commercial banking licence to the Bank by the SBP. The December 11 meeting would also be asked to approve the alteration in the Memorandum of Association of the Bank authorising the bank to increase the authorised capital of the bank from Rs1 billion to Rs1.5 billion.

It would also seek to approve amendments in the objects clause of the Memorandum so as to include the provisions relating to commercial banking in the Memorandum. The Articles of Association are also proposed to be altered to allow directors to raise further capital under section 86 of the Companies Ordinance, 1984, without issue of right shares.

Earlier in October, Al-Meezan Investment Bank had told the stock exchange that along with Pakistan Kuwait Investment Company, it had been involved in “very preliminary talks” with Societe Generale Bank to evaluate a potential acquisition of the business operations of the Bank in Pakistan.