ISLAMABAD: The Competition Commission of Pakistan (CCP) has approved a Scheme of Arrangement for the merger of M/s Institute of Bankers Pakistan (IBP) with M/s National Institute of Banking and Finance Pakistan (NIBAF).
M/s Institute of Bankers Pakistan (IBP) is a public unlisted company licensed as a not-for-profit association offering banking related educational services in Pakistan.
Meanwhile, M/s National Institute of Banking and Finance Pakistan (NIBAF) is a not-for-profit public unlisted company with the prime objective to encourage banking education along with the protection & promotion of the banking profession in Pakistan.
The phase-I competition assessment by the CCP identified ‘Testing & Recruitment Service,” and ‘Training Service - Banking and Finance’ as the relevant product market. The assessment further revealed that post-transaction, all the assets and liabilities of IBP will be transferred to NIBAF Pakistan. As IBP is a not-for-profit company, therefore, no consideration will be paid in lieu of the transfer. Furthermore, IBP will cease to exist leaving NIBAF as the surviving entity in the relevant market.
The assessment further confirmed that post-transaction, the merger will not lead to any substantial lessening of competition neither by creating nor by strengthening a dominant position in the relevant market.
The merger signifies a strategic consolidation aimed for improved banking educational facilities while paving the path from education to employment amongst banking professionals.
Copyright Business Recorder, 2024
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