MCB eyeing to purchase NIB Bank
Posted by HAMZA
Muslim Commercial Bank (MCB) has shown keen interest in acquiring the NIB Banks, told the notifications given by the Pakistan Stock Exchange.
According to all this, the Fullerton Financial Holdings , major shareholder of the NIB bank are over the discussion with the MCB authorities but so far the deal is yet not done.
As per Reuters, “CB and major shareholder of NIB Bank Limited, Fullerton Financial Holdings Pte Ltd, (FFH) through its wholly-owned subsidiary Bugis Investments (Mauritius) Pte Ltd are in preliminary non-binding discussions for possible merger of NIB Bank with and into MCB under the provisions of section 48 of the Banking Companies Ordinance 1962,” MCB bank’s secretary Fida Ali Mirza stated in a filing with the PSX.
The movement for sure would be aimed by MCB to gain more strong hold in the rapidly changing banking structure of Pakistan.
Later if the deal gets on the board, before getting a merger permission of State Bank of Pakistan (SBP), and permission of different regulatory bodies such as Security Exchange Commission of Pakistan (SECP), Competitive Commission of Pakistan (CCP) will also be required, according to propakistani.com.
In past two years, NIB has observed a massive change at its earning, as back in 2014 it managed a loss of Rs 508 million, whereas in 2015 it earned Rs 2.617 billion.
According the experts as per the current value, NIB bank roughly worth around Rs 25 billion.
The post MCB eyeing to purchase NIB Bank first appeared on Web.pk.
