Proposed merger of NIB Bank Limited with MCB Bank Limited
Islamabad, March 15, 2016 (PPI-OT): NIB Bank Limited (“NIB”) announced today that MCB Bank Limited (“MCB”) and Fullerton Financial Holdings Pte. Ltd (“FFH”), being the majority shareholder of NIB through its wholly-owned subsidiary Bugis Investments (Mauritius) Pte. Ltd., are in preliminary, non-binding discussions for a possible merger of NIB with and into MCB under the provisions of Section 48 of the Banking Companies Ordinance, 1962.
The terms of the proposed merger 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 will be made, or as to the terms on which any such offer might be made. NIB 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.
This press release should be read in conjunction with the announcement dated 14 March 2016 released by NIB Bank Limited to the Pakistan Stock Exchange in relation to the proposed transaction. Shareholders are advised to read all the documents relating to the proposed transaction that are filed with the Pakistan Stock Exchange when they become available. Copies of documents may be obtained, when available, from the Pakistan Stock Exchange website (http://www.psx.com.pk/).
For more information, contact:
Syed Ibne Hassan
NIB Bank Limited
Muhammadi House, P.O. Box 6942, I.I. Chundrigar Road, Karachi-74000
Fax: +9221 3241 7503