MCB Bank

MCB Bank Limited (ایم سی بی بینک لمیٹڈ) is a Pakistani multinational commercial bank which is based in Lahore, Punjab, Pakistan. The majority of shares are owned by Pakistani conglomerate Nishat Group and Malaysian bank Maybank.

MCB Bank
TypePublic
PSX: MCB
IndustryBanking
Founded1947
FounderAdamjee Haji Dawood
Headquarters
Lahore
,
Pakistan
Key people
Mian Muhammad Mansha (chairman)
ProductsLoans, credit cards, savings, consumer banking, Home Remittance etc.
Revenue₨66.43 billion (US$410 million) - 2015[1]
₨25.55 billion (US$160 million) - 2015[1]
ParentNishat Group (30%)
Maybank (18.78%)[2]
Websitewww.mcb.com.pk
MCB Tower in Karachi, Pakistan

It was incorporated by the Adamjee Group on July 9, 1947. The bank was established to provide banking facilities to the business community of South Asia. The bank was nationalized in 1974 during the government of Zulfikar Ali Bhutto. This was the first bank to be privatized in 1991 and the bank was purchased by a consortium of Pakistani corporate groups led by Nishat Group. As of June 2008, the Nishat Group owns a majority stake in the bank. The president of the bank is Imran Maqbool.

The group has a presence in the business sectors of the country such as banking, textile, cement, and insurance. Mian Muhammad Mansha is chairman of both the group and MCB. The bank has established an Islamic Banking unit to offer Shariah-compliant products and services, with dedicated Islamic banking branches in six cities

In 2005, the management of the bank abbreviated its name from Muslim Commercial Bank Limited to MCB Bank Limited to explore international markets; they were facing resistance due to the word Muslim especially from Western Countries to avail license. In 2008 the head office of MCB was shifted from MCB Tower, Karachi to Lahore in a newly constructed building, namely MCB House located at Sharea Ghous-ul-Azam, commonly known as Jail Road.

MCB, advised by Merrill Lynch, became the fourth Pakistani company (the other three being Hubco, PTCL and Chakwal cement; they all have been delisted) to list on the London Stock Exchange when it raised US$150 million global depositary receipts.

History

In 2005, the name of the bank was changed from "Muslim Commercial Bank Limited" to "MCB Bank Limited". This need was felt because the bank was already known and popular as "MCB" among its clients and the public, and most people would refer it to as MCB instead of its full name.[3]

In 2008, the Maybank (Malaysia) announced acquisition of 20% of stake in MCB Bank Limited’s equity by purchasing a little more than 94 million ordinary shares from the Nishat Group. This transaction amounted to MYR 2.17 billion (US$686 million) in value. Price paid by the Maybank was Pak. Rupees 470 per ordinary share of MCB. As per Maybank, “The acquisition is in-line with Maybank’s strategy, as Malaysia’s financial services leader in the region, to build its presence in key growth markets across the region.”[4]

In 2000, the bank established its Islamic Banking Business Group and opened its first branch in 2003,[5] by 2014 the Islamic Banking network had grown to 34 branches.[6] This was in addition to and separate from bank's 1,100 conventional banking branches.[6] In 2015, given the potential of Islamic Banking business, the bank proceeded to establish an independent but wholly owned subsidiary bank[7][8] named "MCB Islamic Bank Limited", referred to as "MIB "in short. MCB Bank Ltd appointed Raza Mansha as its first Chairman of the Board of Directors and Ali Muhammad Mahoon as the first President of the MIB.[9]

Credit rating

Long Term Credit Rating of MCB Bank Ltd is June 26, 2020, maintained at AAA [Triple A] and Short-Term Credit Rating of the bank is maintained at A1+ [A one plus] by Pakistan Credit Rating Agency (PACRA).[10][11]

MCB Tower

MCB Tower, situated in Karachi, Pakistan is the former headquarters of MCB Bank Limited. The tower includes 29 floors and 3 basement floors.[12]

MCB Islamic Bank
Main article: MCB Islamic Bank

MCB Islamic Bank (MIB) is a subsidiary of MCB Bank. MIB was established as a demerger from MCB and NIB Bank.[13]

MNET Services Amalgamation with and into MCB Bank

MNET Services (Private) Limited amalgamated with and into MCB Bank, the effective date of amalgamation was April 30, 2019.[14]

See also

References
  1. "MCB Annual Report 2015" (PDF). MCB.com.pk. Retrieved 10 April 2016.
  2. https://www.mcb.com.pk/assets/documents/MCB-2018-Annual-Report.pdf
  3. "Annual Report 2005" (PDF). Mcb.com.pk. Retrieved 28 June 2019.
  4. "Maybank2u". Maybank2u.com.my. Retrieved 2019-06-28.
  5. "MCB to expand Islamic banking services". Business Recorder. 2005-03-03. Retrieved 2019-06-28.
  6. "Annual Report 2014" (PDF). Mcb.com.pk. Retrieved 28 June 2019.
  7. "MCB sets up Islamic banking subsidiary". Thenews.com.pk. 2015-09-15. Retrieved 2019-06-28.
  8. "MCB sets up Islamic banking subsidiary". Thenews.com.pk. 15 September 2015. Retrieved 28 June 2019.
  9. "Annual Report 2015" (PDF). Mcbislamicbank.com. Retrieved 28 June 2019.
  10. "Annual Report 2017" (PDF). Mcb.com.pk. Retrieved 28 June 2019.
  11. "Pakistan Credit Rating Agency(PACRA)" (PDF). https://pacra.com.pk. Retrieved 2020-09-25. External link in |website= (help)
  12. Reporter, The Newspaper's Staff (2012-02-21). "Pakistan's tallest building completed". DAWN.COM. Retrieved 2020-07-12.
  13. "MCB Bank demerges Islamic banking group against Rs7.946bln". www.thenews.com.pk.
  14. "MCB Bank winds up another Subsidiary". Research Snipers. 2019-11-09. Retrieved 2021-01-25.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.