The Competition Commission of Pakistan (CCP) has given approval for the merger of Global Haly Development Limited into Bank Makramah Limited under a formal Scheme of Arrangement, marking a significant consolidation move in Pakistan’s financial sector.
The transaction, reviewed under the Competition Act 2010 and Merger Control Regulations 2016, involves the dissolution of Global Haly Development Limited a public limited company in real estate and infrastructure development with its shareholders receiving ordinary shares in Bank Makramah. Following completion, Bank Makramah will remain the surviving entity.
A Phase-I review conducted by the CCP identified the relevant market as commercial banking across Pakistan. Since Global Haly Development does not operate in the banking sector, the Commission determined there were no overlaps, and Bank Makramah’s modest market share posed no risk of dominance.
According to the CCP’s decision, “The proposed merger is not likely to substantially lessen competition, nor create or strengthen a dominant position in the market.” Instead, the merger is aimed at helping Bank Makramah meet minimum capital requirements set by the State Bank of Pakistan while also enhancing its operational capacity.
The approval underscores the CCP’s role in maintaining market fairness while supporting financial sector consolidation that aligns with regulatory standards and long-term growth objectives.