KARACHI, Dec 13: Zarai Taraqiati Bank (ZTB), the new name of Agriculture Development Bank of Pakistan (ADBP), will start countrywide operation from December 14.

Istaqbal Mehdi has been appointed as the president and CEO of the bank, says a press release.

The new corporate structure redefines the bank’s status as a public limited company with an independent board of directors, promulgated under the presidential ordinance aimed at ensuring good governance, autonomy, delivering high quality, viable and timely financial services to the clients.

ZTB has been registered with the Security and Exchange Commission of Pakistan (SECP) as a public limited company under the Companies Ordinance 1984 and by virtue of Finance Order — all assets, liabilities proceedings undertaking of the ADBP stands transferred to and vested in ZTB with effect from December 14. The reorganization and conversion of ADBP into ZTB aims at extending more credit to the needy segment of productive and yielding agri and non-farm activities.