(Corrects suffixes of Reuters Instrument Codes to ‘KA’ from ‘PA’ throughout story)
KARACHI, March 15 (Reuters) - Pakistan’s MCB Bank Ltd (MCB) is interested in buying the operations of NIB Bank Ltd (NIB) in Pakistan, according to a filing with the Pakistan stock exchange on Tuesday.
“CB and major shareholder of NIB Bank Limited, Fullerton Financial Holdings Pte Ltd, (FFH) through its wholly-owned subsidiary Bugis Investments (Mauritius) Pte Ltd are in preliminary non-binding discussions for possible merger of NIB Bank with and into MCB under the provisions of section 48 of the Banking Companies Ordinance 1962,” MCB bank’s secretary Fida Ali Mirza stated in a filing with the Pakistan Stock Exchange.
Similar information pertaining to the possible merger was also filed by NIB. (Reporting by Syed Raza Hassan; Editing by Mehreen Zahra-Malik and Richard Borsuk)
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