NIB Bank to merge into MCB Bank today

The scheme of amalgamation of NIB Bank with and into MCB Bank shall come into force with effect from the effective date ie July 07, 2017 and consequently, NIB Bank will cease to exist as an independent entity and stands merged into MCB. The State Bank of Pakistan has 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, material information sent to Pakistan Stock Exchange on Thursday said.
Within five days from the effective date, up to 73,569,197 new MCB shares of the face value of Rs 10.00 each shall be allotted to the shareholders of NIB in line with the scheme of amalgamation and the SBP Order.