KARACHI (June 22 2010): Khalid Sherwani, appointed as Administrator of Innovative Investment Bank Limited (IIBL), by Securities and Exchange Commission of Pakistan (SECP) shall continue to act as Administrator while simultaneously acting as President of Allied Bank Limited.

According to a press release issued on Monday, Sherwani shall continue to perform the functions of Administrator of IIBL till the logical conclusion of his assignment which may include restructuring/ merger/ winding-up of the entity. His tenure as Administrator, if required, may be extended beyond the initial appointment period of six months.-BR