KARACHI: Shareholders of the National Bank of Pakistan (NBP) have approved the Scheme of Arrangement for the demerger of a portion of SME Bank’s lending portfolio in an Extraordinary General Meeting (EGM) held on January 6, 2025. The approval was granted during the meeting, which took place at the NBP Head Office and electronically.
The approved scheme involves the separation and transfer of the Demerged Lending Portfolio from SME Bank to NBP, including all associated rights, obligations, contracts, benefits, and liabilities. SME Bank will retain the assets and liabilities not included in the demerger under its “Retained Undertaking.”
The scheme was prepared in compliance with Sections 279-283 and 285 (8) of the Companies Act, 2017, and had already been approved by the NBP Board of Directors prior to the shareholders’ endorsement. Additionally, shareholders agreed to accommodate any changes that may arise from the Islamabad High Court’s review of the scheme, where it has been filed for approval.
In line with the demerger, shareholders have authorised key NBP officials to oversee the implementation of the necessary corporate, legal, and regulatory steps to ensure compliance.
