Shareholders of the National Bank of Pakistan (PSX: NBP) have approved a Scheme of Arrangement for the demerger of a specified portion of the lending portfolio of SME Bank which will be transferred to NBP.
According to a stock filing by the Bank at the main bourse, the plan has been structured under Sections 279-283 and 285 (8) of the Companies Act, 2017 to transfer the Demerged Lending Portfolio, including all associated rights, obligations, contracts, and liabilities, to NBP while allowing SME Bank to retain its remaining assets and liabilities.
The resolution has been approved by the Board of Directors and circulated among NBP members.
The key steps will be:
The board has allowed NBP’s Head of Legal Division and National Business Head of the Inclusive Development Group (Karachi) the authority to finalize all corporate, legal, and regulatory requirements. This includes filing necessary documents, issuing notices, and completing compliance procedures as per court directives.
The approved plan is subject to any modifications or conditions imposed by the Islamabad High Court, the filing added.
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