KARACHI, Nov 30: The merger of Pakistan operations of Grindlays with Standard Chartered Bank has been successfully concluded and the amalgamated entity would be known as Standard Chartered Bank, effective December 1, 2002.

Standard Chartered Bank announced that all aspects of the amalgamation exercise had been successfully accomplished with the formal amalgamation approval received from the State Bank of Pakistan.

The process of integration of the two banks had been in progress since July 31, 2000 when the Standard Chartered Bank acquired the Grindlays operations in the Middle East and South Asia, from the ANZ Banking Group. In Pakistan, Standard Chartered was said to be the largest foreign bank and the only one with a presence in all the four provinces. The bank boasts network of 21 branches and over 120 ATMs across the country.

“The merger of Grindlays with Standard Chartered Bank will create the premier international bank in Pakistan,” said Azhar Hamid, chief executive Standard Chartered Pakistan, who also placed on record “the exceptional level of support and encouragement from SBP during the integration process.” Mr. Hamid stated that the significant value that the Grindlays franchise had brought to the Standard Chartered Banking Group was reflected in annual results for the year 2001-02 and Pakistan was now a key market for growth within the Group.

The two banks would begin to operate as a single legal entity under a new corporate identity, the logo of which had been incorporated across all branches in Pakistan, the bank said.