Muslim Commercial Bank may acquire NIB Bank

Reported by: |Updated: March 16, 2016

Pakistan’s Muslim Commercial Bank is planning to acquire NIB Bank. Talks in this regard are progressing, according to news reports. NIB Bank’s major shareholder, Fullerton Holdings and Muslim Commercial Bank authorities have discussed the matter involving the merger, these reports said. Both the banks have consulted the State Bank of Pakistan for due diligence of each other banks, receipt of all requisite regulatory authorization, consents and approvals and receipt of all requisite corporate and other international approvals. Fullerton Financial Holdings is a 100% subsidiary of Temasek Holdings. NIB Bank is one of the largest foreign banks in Pakistan. It was formed in 2003 after the merger of National Development Leasing Corporation and IFIC Bank. The bank has presence in 52 cities in Pakistan and has over 170 branches which are connected online.