In addition, Suroor Investment has also made 10 percent payment to the sponsors of Mybank and Atlas Bank and remaining would be made in the coming two months. Cumulative Suroor Investment has so far paid some Rs 280 million to Mybank and about Rs 220 million to Atlas Bank.
Sources said that overall branch network of Arif Habib Bank would be reach 160 branches by the end of December 2010 after the merger of Mybank and Atlas Bank and under restructuring plan Arif Habib Bank would not open new branches in the current calendar year, however will relocate the branches.
They said that recently Arif Habib Bank has applied for opening of Islamic banking branches and after getting regulatory approval, it would launch Islamic branches across the country. Adding that in the initial stage Arif Habib Bank has already appointed Sharia advisor.
Sources said that Suroor Investment has also set a deadline of June 31, for the launching of a proper new bank, which would be established after the merger of Arif Habib Bank, Mybank and Atlas bank. Arif Habib bank is also planning to launch its visa debit card, consumer financing and some other unique products to capture maximum market share. Arif Habib Bank's deposits have reached Rs 31.3 billion by end of December after 100 percent increase.