The board of directors of Askari Bank Limited has granted approval for the merger of Askari Leasing Limited with and into the Askari Bank. The board of directors of the bank in its meeting held on Monday gave this approval on the basis of a ratio of one share of Askari Bank in exchange of 1.83 shares of Askari Leasing, subject to the approval of its shareholders and regulatory authorities.
The board of directors of Askari Leasing also granted the same approval in its meeting held the same day. The Askari Bank notified the Karachi Stock Exchange that Askari Bank will now progress to complete the formalities for the said merger, including seeking approval of its shareholders and regulatory authorities.