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Summit Bank, Sindh Bank call off merger

Pakistani lenders Summit Bank Ltd. and Sindh Bank Ltd. have terminated their planned merger.

The board of Sindh Bank has informed Summit Bank that the proposed merger is not advisable in current circumstances, according to a June 3 release.

In January 2018, Pakistan's Sindh Cabinet approved the proposed merger between the two banks. In August 2018, the board of Summit Bank approved a new share swap ratio of 1 ordinary Sindh Bank share for every 8.37 ordinary Summit Bank shares, from the previous ratio of 1 Sindh Bank share for every 4.17 Summit Bank shares.

The merger was expected to be completed by September 2018.