Published On: Fri, Dec 9th, 2016

MCB and NIB Bank decide to operate as a single entity


mcb and nib

MCB and NIB banks have announced their merger this Wednesday to operate as a single entity. Majority of shareholders of NIB have agreed to have one share of MCB in exchange for 140 of their shares. However, the deal is still subjected to a number of other approvals yet.

The rate

73,569, 197 shares of the MCB will be issued in NIB Bank’s favor according to the Proposed Amalgamation. The swap shall be from 1: 140.03 shares of MCB to NIB. It was confirmed by Athar Ali who is the Company Secretary at NIB in the PSX notification.

Moreover, general shareholders of NIB Bank can also have new shares of MCB through the same ratio. The MCB Bank share has increased 2.25% (Rs 5.05). It closed at Rs 229.24 with 1.38 million shares in the stock market.

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- A Karachi based freelancer, fervid about writing though logophile in nature and a computer engineer by profession.. She is a travel buff with the intent to make each moment worthwile. After all life is all about happiness to cherish and smiles to flourish!