Asset management companies: Regulators approve merger

KARACHI: State Bank of Pakistan and the Securities and Exchange Commission of Pakistan have approved the merger of MCB Asset Management Company Limited and Arif Habib Investment Ltd.

According to a communiqué sent to the Karachi Stock Exchange on Friday, MCB said the merger is subject to compliance of applicable laws and other regulatory approvals.

The board of directors of both companies had already given approval to the merger. MCB officials said the merger is a part of a strategy to improve and strengthen its asset management business.

Published in The Express Tribune, April 16^th,  2011.