The year 2016 came with the massive acquisitions, mergers and partnership across the globe. Pakistani business industry has been also going through this as well. According to the latest news by the Reuters, MCB is showing interest in controlling the operation of the NIB Bank as per the ongoing situation in the Pakistan Stock Exchange.
This has stated by the Bank Secretary MCB Fida Ali while filling statement with PSE, “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.”
It worth to mention here that Fullerton Financial Holdings is the major shareholder in the NIB Bank. According to the officials of the NIB Bank, the deal is being finalised by the sponsors of the NIB Bank for the merger of two banks. The process is still under the process and will be officially announced in the upcoming days.