MCB Bank And NIB Bank Enterpreliminary Discussions For Merger
[Karachi:15th March 2016]MCB Bank Limited (“MCB”) announced today that MCB and Fullerton Financial Holdings Pte. Ltd (“FFH”), being the majority shareholder of NIB Bank Limited (“NIB”) through its wholly-owned subsidiary Bugis Investments (Mauritius) Pte. Ltd., are in preliminary non-binding discussions for a merger between MCB and NIB.The terms of the transaction are in preliminary stages of discussion and are subject to, among other things, due diligence and all necessary regulatory and shareholder approvals.
There is no assurance that any discussions will result in any definitive agreement or transaction, or that any offer for NIB by MCB will be made or as to the terms on which any such offer might be made. MCB Bank remains committed to providing top quality financial and wealth solutions to its customers. MCB and NIB will make an appropriate announcement in the event there are any material developments.