Earlier in June About NIB Bank & MCB Bank
The most trending news from the State Bank of Pakistan was about NIB Bank Limited & MCB Bank Limited. The merger of NIB Bank Limited with and into MCB Bank Limited was endorsed by the State Bank of Pakistan (SBP) back in June 2017. The Scheme of Amalgamation of NIB Bank with and into MCB Bank was endorsed by SBP, through its order dated 13th June 2017.
Moreover, this scheme of amalgamation is in terms of sub-section (4) of Section 48 of the Banking Companies Ordinance, 1962. This endorsement is liable to the consistency of the arrangements of the material laws by both the Banks.
News from July
NIB Bank Limited has merged with and into MCB Bank Limited effective close of business July 7, 2017. This merger is taking place under a share swap arrangement with the Scheme of Amalgamation approved by the State Bank of Pakistan on June 13, 2017, without involving any foreign exchange transaction.
About MCB Bank Limited
MCB Bank enjoys the confidence of foreign investors including Maybank, and with this strategic merger, MCB is honored to welcome Fullerton Financial Holdings (International) of Singapore as another significant international shareholder of the Bank. This magnitude of foreign is a mark of Excellence, reflecting the Bank’s commitment to a culture of Thought Leadership, Innovative Financial Solutions, and World Class Service.
Furthermore, statements delineated from MCB Bank Limited:
All our valued customers will now enjoy the benefits of MCB Bank’s larger Branch & ATM Network, the enhanced portfolio of Products & Services and state-of-the-art Digital Banking Services.