NIB Bank’s merger with and into MCB Bank comes into effect

[Lahore: 11th July 2017] NIB Bank Ltd (NIB)’s merger with and into MCB Bank Ltd (MCB) has come into effect from close of business 7th July 2017. All properties, assets, liabilities, rights and obligations of NIB now stand amalgamated and vest permanently in MCB. For now, no changes will be made to the banking services of former NIB customers who will be able to conduct their banking transactions as usual.

Once the full integration of both banks is complete, the merger will provide additional synergies, banking services and added convenience to customers of both Banks. Former NIB customers will gain direct access to MCB’s extensive network of branches and ATMs alongside enhanced portfolio of products and services. Additionally, they will also gain access to banking services in several new geographical segments.

This merger has taken place under a share swap arrangement in accordance with the Scheme of Amalgamation as approved by State Bank of Pakistan on June 13, 2017, without involving any foreign exchange transaction.

MCB Bank already enjoys the confidence of foreign investors including Malaysia based Maybank, and with this strategic merger, MCB Bank is honored to welcome Fullerton Financial Holdings (International) of Singapore as another significant international shareholder of the Bank.

 

ENDS

About MCB Bank:

MCB Bank, is one of Pakistan’s largest & most innovative banks in the private sector. The bank operates a strong and vast network of over 1300 ATMs, over 1300 branches in Pakistan and 11 branches overseas. MCB Bank was declared ‘Best Bank in Pakistan, 2016 by Euromoney & Finance Asia’ and the Bank continues to maintain a strong rating of AAA/A1+.  With a customer base of over 6 million, it leads the banking & financial services sector in Pakistan and customers across the globe have 24/7 access to MCB Bank via the bank’s world class Internet Banking.

 

Media Contacts:

Humaid Merchant Rais Ahmed Alvi Syed Fuad Mehdi
Unit Head Strategic Public Relations

MCB Bank Ltd.

Department Head Marketing

MCB Bank Ltd.

Divisional Head – Marketing

MCB Bank Ltd.

Phone # +92 42 36041610 Phone # +92 42 36042785 Phone # +92 42 36041890
Cell # 321 7777166 Cell # 0340-0007081 Cell # 92 321 8216999
humaid.merchant@mcb.com.pk rais.alvi@mcb.com.pk fuad.mehdi@mcb.com.pk

 

 

Lahore: The merger and amalgamation of MCB Bank Ltd. (MCB) and NIB Bank Ltd. (NIB) have come into effect from closed of business 7th July 2017. With this merger both of bank will operate as single entity; MCB has permanently acquired all the assets, liabilities, properties, rights and obligations of NIB.

Currently no changes have been made to banking services of NIB in order to facilitate the customer to conduct their usual banking transactions. The customer will be able to enjoy additional banking services and conveniences when the full merger will be integrated. The merger will provide former customers of both the banks the full access to the extensive network of branches and ATMs across the country, providing banking services to numerous geographical locations. This merger will bring new synergies and a enrich profile of new products and services.

This merger has taken place under a share swap arrangement in accordance with the Scheme of Amalgamation as approved by State Bank of Pakistan on June 13, 2017, without involving any foreign exchange transaction.

MCB is the largest bank of Pakistan within private sector. Its chain of operations were extended across the country with a strong and vast network of 1300 ATMs and branches, including 11 international branches. Uplifting the confidence of foreign investors including Malaysia based Maybank and now with this strategic merger MCB Bank is proudly welcoming Fullerton Financial Holdings (International) of Singapore as another significant international shareholder of the Bank.

MCB continues to provide its world class service to its customer base of over 6 million and poised to maintain a strong rating of AAA/A1+. The Bank has also been declared “Best Bank in Pakistan, 2016 by Euromoney and Finance Asia.

Author: Banks. Today

You Might Also Like