KARACHI, Jan 1: The State Bank has officially announced the merger of Picic Commercial Bank with the NIB Bank.

A notification issued by the SBP announced the de-scheduling of Picic Commercial Bank Limited with effect from the close of business on Dec 31, on account of its merger with and into NIB Bank Limited.

Another notification says that in pursuance to scheme of amalgamation of Picic Commercial Bank Limited (PCBL) with and into NIB Bank Limited, sanctioned on Dec 31, the State Bank has cancelled the banking license of PCBL with effect from the close of business on Dec 31.