The Competition Commission of Pakistan (CCP) has given the green light to the merger of Global Haly Development Limited with and into Bank Makramah Limited under a Scheme of Arrangement, marking another significant development in the country’s banking and financial landscape. The approval was granted after a detailed review process conducted in line with the Competition Act, 2010 and the Competition (Merger Control) Regulations, 2016.
The transaction involves the amalgamation of Global Haly Development Limited, a public limited company largely engaged in real estate and infrastructure development, into Bank Makramah Limited, a publicly listed banking institution. According to the terms of the merger, Bank Makramah Limited will issue ordinary shares to the shareholders of Global Haly Development Limited. Following completion, Bank Makramah will remain as the surviving entity, while Global Haly Development Limited will be dissolved.
The CCP conducted a Phase-I review to assess the impact of the proposed merger. The relevant market was defined as “Commercial Banking” within Pakistan’s geographic boundaries. Based on the information provided by the merging parties and data from the State Bank of Pakistan, it was determined that Bank Makramah currently holds a modest market share within the commercial banking sector. Since Global Haly Development does not operate in the banking industry, the transaction does not involve any horizontal overlaps that could distort competition.
The Commission concluded that the merger is unlikely to substantially lessen competition or create a dominant market position. Instead, the move is expected to support Bank Makramah in meeting the State Bank of Pakistan’s minimum capital requirements while also enhancing its operational and financial stability.
From a strategic standpoint, the merger highlights an important trend in Pakistan’s financial ecosystem, where institutions are increasingly consolidating to improve balance sheet strength, meet regulatory requirements, and position themselves for sustainable growth. For Bank Makramah, the addition of new capital and assets through this merger could strengthen its ability to compete in the commercial banking sector, expand its customer offerings, and invest in technology-driven banking solutions.
Industry observers note that the approval reflects CCP’s ongoing role in ensuring that consolidation and mergers within Pakistan’s financial sector proceed without harming market competitiveness. By carefully assessing each transaction, the regulator aims to strike a balance between supporting institutional growth and safeguarding the interests of consumers and the broader economy.
With the merger now authorized under Section 31 (1) (d) (i) of the Competition Act, 2010, Bank Makramah Limited is set to move ahead with the integration process. Shareholders of Global Haly Development Limited will transition into Bank Makramah’s shareholder base, aligning their interests with the future growth of the bank.
The merger is expected to create long-term benefits by strengthening the bank’s capital base, improving compliance with regulatory standards, and enabling greater financial resilience. While the transaction does not immediately alter market competition, it positions Bank Makramah to play a stronger role in the evolving financial sector of Pakistan.
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