MCB Bank Limited made an announcement today stating that the Bank and Fullerton Financial Holdings Pte. Ltd. are in a preliminary non-binding discussion on a merger between MCB Bank Limited and NIB Bank.
Fullerton Financial Holdings Pte. Ltd (“FFH”) is the majority shareholder of NIB Bank Limited (“NIB”) 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 Bank and NIB Bank will make an appropriate announcement should there be any further material development.