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.