In a statement, IPF confirms that it has made a formal approach to the board of MCB in relation to a possible cash offer for the entire issued share capital of MCB.
IPF said today: “The proposed acquisition of MCB would enable IPF to use the rich experience MCB has gained since it began operating in 2006 to accelerate the development of IPF’s digital lending business and it would also expand IPF’s range of new digital products and distribution channels. In addition, it would increase IPF’s geographical footprint with a proven business model in a manner that is consistent with IPF’s declared strategy.”
IPF said the statement does not represent a firm intention to make an offer, and there can be no certainty that any offer will be made.
IPF added: “Further announcements will be made as and when appropriate.”