INTERNATIONAL

BCCI Pakistan Merges With Government-Owned Bank: Pakistan merged three branches of the Bank of Credit & Commerce International with a government-owned bank. The merger is based on terms set by the liquidators of BCCI, state-run Habib Bank and the Central Bank, the Finance Ministry said. “Under the merger plan, the assets and liabilities of the three Pakistan-based branches of BCCI will vest Habib Bank Limited, which will manage them through a subsidiary. All unencumbered deposits and claims will be payable in full,” it said. Although BCCI branches worldwide closed last year following disclosures of massive fraud, BCCI Pakistan continued to operate and depositors were allowed to withdraw up to the equivalent of $4,000.