LAHORE
NIB Bank Ltd (NIB)’s merger with and into MCB Bank Ltd (MCB) has come into effect from close of business on 7th July 2017.
All properties, assets, liabilities, rights, and obligations of NIB now stand amalgamated and vest permanently in MCB. For now, no changes will be made to the banking services of former NIB customers who will be able to conduct their banking transactions as usual.
Once the full integration of both banks is complete, the merger will provide additional synergies, banking services and added convenience to customers of both Banks.
Former NIB customers will gain direct access to MCB’s extensive network of branches and ATMs alongside an enhanced portfolio of products and services.
Additionally, they will also gain access to banking services in several new geographical segments. This merger has taken place under a share swap arrangement in accordance with the Scheme of Amalgamation as approved by State Bank of Pakistan on June 13, 2017, without involving any foreign exchange transaction.
MCB Bank already enjoys the confidence of foreign investors including Malaysia-based Maybank, and with this strategic merger, MCB Bank is honoured to welcome Fullerton Financial Holdings (International) of Singapore as another significant international shareholder of the Bank.
