NIB Bank exists no more. The bank industry in the country will not see NIB bank as central bank has stopped its operations and cancelled its operational and license of business from July 07, 2017, per the notification of SBP – State Bank of Pakistan.
The end of the business and official operations will start the procedure of merger and amalgamation into and with MCB Bank.
Therefore, the branches, human resources, assets, deposits and liabilities of NIB will be given to MCB for additional alliance which is probable to be finished in the coming 60 days.
Per the official information, many chosen NIB Bank branches will continue operative for giving services to customers while popular of the branches will be changes into MCB branches by rebranding.
The bankers staff will be reserved by MCB bank according with the previous administration of the bank, though, the cutback of the extreme staff will not be there.
Not important to mention, many NIB bankers have gone to different banks in the regulatory procedure of amalgamation and merger of both banks.
With 2016’s end, the profit of NIB after tax remained at Rs. 1.420 billion related with Rs. 2.617 billion previous year. The deposit of the bank dropped to Rs. 97 billion from Rs. 130 billion. Talking about the advances, they stood at Rs. 87 billion in the end of 2016 associated with the previous as Rs. 110 billion.
The bank had been facing issues for the previous many years not going to sustainability and profitability in the immensely competing market. With its operations being merged with MCB< the sponsors and shareholders will get positive margins with moving ahead.
A little too much known for his rigorous yet exceptional, expository yet artistic and descriptive yet engaging writing style; Muneel is a die-hard professional of writing blogs, web articles, SEO friendly content, story-board script and all the formal types. He has a sheer love for adding unique flavor to each of his works, the client-type.