Pakistani lender Muslim Commercial Bank (MCB) has started preliminary talks to acquire local rival NIB Bank.
MCB is currently holding negotiations for merger with NIB Bank’s majority shareholder Fullerton Financial Holdings, which controls 88.4% stake in the firm through its subsidiary Bugis Investments Mauritius.
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The transaction is subject to receipt of necessary regulatory and shareholder approvals.
Established in 2003, NIB Bank has more than 170 branches across the country and operates with a workforce of about 3,000.
The bank was set up after the merger of National Development Leasing Corporation (NDLC) and IFIC Bank. Its offers retail banking, commercial banking, corporate and investment banking and treasury services.
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