KARACHI: MCB Bank announced on Tuesday that it is interested in buying the operations of NIB Bank.

According to a filing with the Pakistan Stock Exchange (PSX), MCB Bank and Fullerton Financial Holdings Pte Ltd (FFH) were in a preliminary non-binding discussion on a merger.

The FFH is the majority shareholder of NIB Bank through its wholly-owned subsidiary Bugis Investments (Mauritius) Pte Ltd.

The terms of the transaction are in preliminary stages of discussion and are subject to, among other things, due diligence and all necessary regulatory and shareholder approvals.

MCB and NIB will make an appropriate announcement should there be any further material development.

Published in Dawn, March 16th, 2016