Tag Archives: Merger

SNF merges with PTI

After Nawaz Sharif failed to seal a deal with Sindh National Front (SNF) chief Mumtaz Bhutto, PTI Chairman Imran Khan contacted the latter to talk about SNF’s merger with Pakistan Tehrek-e-Insaaf. The

Regulators okay MCB-AHI merger

KARACHI – State Bank of Pakistan (SBP) and Security and Exchange Commission of Pakistan (SECP) have accorded approval for the merger of MCB Asset Management Company Ltd with Arif Habib Investment Limited.
According to a communique sent to KSE, MCB said that the merger is subject to compliance of applicable laws and other regulatory approval. The board of directors of both companies had already given approval to the merger.
MCB said the merger is part of its strategy to

Chief minister okays merger of 44 departments into 28 new ones

KARACHI – Sindh Chief Minister Qaim Ali Shah approved the summary for merging 44 government departments into 28 on Friday, sources told Pakistan Today.
The Services, General Administration and Coordination Department of the provincial government recently proposed a summary for merging 44 existing administrative departments into 28 new ones to the chief minister. After the “right-sizing” of the federal cabinet, the Sindh government had also decided to shorten the cabinet by

Bourse merger race heats up

HONG KONG – Deutsche Boerse and NYSE Euronext’s plan to create the world’s largest exchange has sent competitors around the world scurrying to find partners, accelerating an industry shake-up. Traditional exchanges are under intense cost pressure from upstart electronic rivals such as Bats Europe and Chi-X Europe which were set up by some of the world’s largest investment banks to loosen the big bourses’ grip on share trading.
“Smaller players have really changed the face of

AHI issues merger notification to KSE

KARACHI – Arif Habib Investments (AHI) has officially informed the Karachi Stock Exchange regarding their merger with MCB Asset Management Company.
According to a letter issued to the Karachi Stock Exchange, the AHI stated that its sponsors and MCB Asset Management Company (MCB-AMC) have signed the shareholders’ agreement dated January 19, 2011 for the proposed merger between the two entities. Sponsors of both entities agree that the combined force of MCB and Arif Habib Group

MCB, AHI set for Rs 26b merger

KARACHI – MCB Asset Management Company and Arif Habib Investments (AHI) are set to sign the country’s largest mutual funds merger worth Rs 26 billion. A formal share holder agreement, in this regard, is to be signed in a few days.
This was disclosed by the AHI Chief Executive Officer Nasim Beg, in a meeting with selected journalists; at his headquarter here in Karachi. He said that talks for a merger have been underway since months, while the merger will complete in the upcoming

MCB, Arif Habib edging towards merger

KARACHI – Two of the country’s prominent business conglomerates, Arif Habib Investment Limited (AHIL) and MCB Asset Management Company Limited (MCB-AMLC), are edging towards a merger.
According to AHIL officials, the AHIL board of directors had given its consent to the investment giant mulling a merge with MCB-AMLC. In this regard, officials said an emergency meeting of the board of directors was held at the company’s head office, Arif Habib Center, on December 30.

Summit, Atlas merger reaches completion

KARACHI – Summit Bank (formerly Arif Habib Bank) and Atlas Bank will officially merge and start operating as a single bank under the name of Summit Bank. Completion of the legal merger means that the two banks can now make accelerated progress in integrating their activities. With effect from the merger date,
they will be allowed to exchange and share client information and can start technical migration of client data. The proposed management appointments’ previously announced

Faysal Bank and RBS clinch merger

KARACHI – Faysal Bank Limited announced the merger of Royal Bank of Scotland Limited (RBS Pakistan) into Faysal Bank Limited. This merger has been finalised in record time, within three months of the acquisition of controlling interest. All RBS Pakistan branches have been converted to and branded as Faysal Bank. This acquisition has expanded Faysal Bank’s footprint to over 200 branches, with combined business assets of over PKR 250 billion, further strengthening its balance sheet and