MCB and NIB Bank decide to operate as a single entity
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.
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.