Karachi, Pakistan — Shareholders of the National Bank of Pakistan (PSX: NBP) have approved a Scheme of Arrangement to demerge a portion of SME Bank’s lending portfolio, transferring it to NBP.
In a filing submitted to the Pakistan Stock Exchange (PSX), NBP detailed that the plan is structured under Sections 279-283 and 285(8) of the Companies Act, 2017. The arrangement transfers the Demerged Lending Portfolio, along with all related rights, obligations, contracts, and liabilities, to NBP, while SME Bank will retain its remaining assets and liabilities.
This resolution, already approved by NBP’s Board of Directors, was sent to the bank’s members for their endorsement.
Key Steps of the Plan:
- Separation of the Lending Portfolio: A specific portion of SME Bank’s lending portfolio will be segregated.
- Transfer to NBP: The portfolio will officially be transferred to and vested in NBP.
- Retention by SME Bank: SME Bank will continue to hold its remaining assets and liabilities.
NBP’s Head of Legal Division and the National Business Head of the Inclusive Development Group in Karachi have been authorized to manage the process. They will ensure all corporate, legal, and regulatory requirements are met, file necessary documents, issue notices, and comply with court directives.
The scheme is subject to any modifications or conditions imposed by the Islamabad High Court, as stated in the bank’s stock filing.
This move aims to streamline NBP’s operations and boost its lending capabilities, especially in the SME sector.
