Corporate Alerts: NIB will cease to exist on July 07, 2017 and amalgamate into MCB

In accordance with the Sections 96 and 131 of the Securities Act, 2015, Clause 5.19.13(c) of the Pakistan Stock Exchange Regulations and Clause (xx) of the Code of Corporate Governance, 2012, NIB Bank Limited (“NIB”) has conveyed the following information to all its relevant stakeholders:

• Pursuant to the Sanction Order dated June 13, 2017 (the “SBP Order”) issued by the State Bank of Pakistan (the “SBP”) for the amalgamation of NIB Bank Limited with and into MCB Bank Limited, the SBP has now through its letter No. BPRD(R&PD)/2017, dated July 05, 2017, approved close of business on “July 07, 2017” as the effective date for the purpose of the amalgamation of NIB with and into MCB under Section 48 of the Banking Companies Ordinance, 1962.
• With effect from the Effective Date i.e. close of business on July 07, 2017, NIB will cease to exist as an independent entity and stands merged into MCB.
• Within 5 days from the Effective Date, up to 73,569,197 new MCB shares of the face value of PKR 10 each shall be allocated to the Shareholders of NIB in line with the Scheme of Amalgamation and the SBP order.

The complete text is available here.