MCB Bank Ltd has shown interest in buying the NIB Bank Ltd, a filing at the Pakistan Stock Exchange (PSX) revealed on Tuesday.
According to local media reports, NIB’s major shareholder Fullerton Holdings and MCB authorities have discussed the matter, involving the merger of NIB Bank Ltd into MCB.
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 report added that experts say that the NIB’s assets amounted roughly to Rs 25 billion in light of current share value.
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