In a recent notice to PSX, MCB has announced that the State Bank of Pakistan, with it’s sanction order dated June 13, 2017 has approved the amalgamation of NIB Bank Limited with and into MCB Bank Limited and that will be effective as of the Effective Date, to be announced separately.
Back in December 2016 MCB Bank and NIB Bank had announced their merger to operate as a single entity, as the Singapore-based majority shareholders of NIB have agreed to acquire one share of MCB in exchange of every 140 shares held by them, according to bourse filings.
The boards of directors of NIB Bank and MCB Bank had decided to merge the two banks by way of shares swap agreement between the owners and shareholders of the two banks. This was stated by the official communiqué of the two banks.
MCB Bank Limited, is one of the oldest and leading banks in Pakistan. The Bank has been operating for more than half a century in Pakistan.
It has played a pivotal role in representing the country on global platforms while being one of the few institutions that are recognized and traded in the international market.
The Bank currently carries entity risk rating of AAA (long term) and A1+ (short term) which is the highest category rating by Pakistan Credit Rating Agency (PACRA).