NIB & MCB Bank Confirms Merger!

It’s confirmed! The news is all in. NIB and MCB have finally decided to merge. Wednesday saw the announcement by the two banks – MCB and NIB to meld and operate as a single entity.

This came about as the shareholders of NIB from Singapore accepted to switch one share of Muslim Commercial Bank against 140 shares held by the latter, as mentioned in the course filings. The sources state that the amalgamation requires some regulatory approvals.

With regards to this, Ather Ali Khan – the Company Secretary of “As a consequence of the Proposed Amalgamation, 73,569,197 ordinary shares of MCB shall be issued in aggregate in favour of the shareholders of the {NIB} Bank on the basis of a swap ratio of 1 (one) ordinary share of MCB for every 140.043 ordinary share of the {NIB} Bank,”

Now the general shareholders of NIB Bank are also eligible to the new shares of MCB bank, all with the same percentage.

The share of MCB increased Rs. 5.05 – 2.25% and got closed at Rs. 229.24. This resulted in a volume of 1.38 million shares available at the stock exchange market

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