January 07, 2025 (MLN): The shareholders of the National Bank of Pakistan (NBP) have approved the Scheme of Arrangement for the demerger of a specified portion of SME Bank’s lending portfolio in an Extraordinary General Meeting (EGM) held on January 6, 2025, at the NBP Head Office and through electronic means.
The special resolution, passed during the meeting, endorsed the separation and transfer of the Demerged Lending Portfolio from SME Bank to NBP.
This move includes all associated rights, obligations, contracts, benefits, and liabilities of the portfolio, while SME Bank will retain assets and liabilities not part of the demerger under its "Retained Undertaking."
The scheme, prepared under Sections 279-283 and 285 (8) of the Companies Act, 2017, had been earlier approved by the NBP Board of Directors and circulated to shareholders.
The shareholders also agreed to accommodate any modifications or conditions that may be required by the Islamabad High Court, where the scheme has been filed for approval.
Furthermore, shareholders have authorized the Head-Legal Division and the National Business Head (Karachi) of Inclusive Development Group to oversee and execute all necessary corporate, legal, and regulatory compliances related to the demerger.
