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. The bank has a network of 1600 branches and over 1450 ATMs in Pakistan. The current President/CEO of the bank is Shoaib Mumtaz.
Headquarters of MCB Bank in Lahore | |
| Company type | Public |
|---|---|
| PSX: MCB | |
| Industry | Banking |
| Founded | July 9, 1947 |
| Founder | Adamjee Haji Dawood |
| Headquarters | Lahore-54660 , |
Key people |
|
| Products | Loans, credit cards, Debit cards, savings, consumer banking, Home Remittance etc. |
| Revenue | Rs. 180.61 billion (US$630 million)[1] (2023) |
| Rs. 125.24 billion (US$430 million)[1] (2023) | |
| Rs. 59.63 billion (US$210 million)[1] (2023) | |
| Total assets | Rs. 2.42 trillion (US$8.4 billion)[1] (2023) |
| Total equity | Rs. 206.61 billion (US$720 million)[1] (2023) |
Number of employees | 14,420[1] (2023) |
| Parent | Nishat Group (30%) Maybank (18.78%)[1] |
| Website | www |
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 in global depositary receipts.
History edit
It was incorporated by the Adamjee Group on 9 July 1947. The bank was established to provide banking facilities to the business community of South Asia. The bank was nationalised in 1974 during the government of Zulfikar Ali Bhutto.
On April 6, 1991, the government sold 26 percent of MCB's shares to the National Group at PKR 56 per share, totaling PKR 838.8 million.[2] The transaction was conducted under an "as is where is" arrangement, and it resulted in the Federal Government suspending most provisions of the Banks (Nationalization) Act, 1974 for six months, with the exception of section 5(6)(a).[2][3]
The privatization process continued on February 19, 1992, with the public offering of an additional 25 percent of MCB's shares.[2] Following the divestment of a 51 percent stake, MCB was no longer subject to the Banks (Nationalization) Act, 1974.[2] On December 31, 1992, the National Group acquired another 24 percent of MCB's shares at Rs56.15 per share, increasing their total holding to 50 percent.[2]
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 licence.[4]
In 2008, Maybank (Malaysia) announced the acquisition of 20% of the 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. The price paid by the Maybank was Pak. Rupees 470 per ordinary share of MCB.[5] 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.
In 2000, the bank established its Islamic Banking Business Group and opened its first branch in 2003,[6] by 2014 the Islamic Banking network had grown to 34 branches.[7] This was in addition to and separate from bank's 1,100 conventional banking branches.[7] In 2015, given the potential of Islamic Banking business, the bank proceeded to establish an independent but wholly owned subsidiary bank[8][9] 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.[10]
Credit rating edit
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).[11][12]
MCB Tower edit
MCB Tower, situated in Karachi, Pakistan is the former headquarters of MCB Bank Limited. The tower includes 29 floors and 3 basement floors.[13]
MCB Islamic Bank edit
MCB Islamic Bank (MIB) is a subsidiary of MCB Bank. MIB was established as a demerger from MCB and NIB Bank.[14]
MNET Services Amalgamation with and into MCB Bank edit
MNET Services (Private) Limited amalgamated with and into MCB Bank, the effective date of amalgamation was April 30, 2019.[15]
Subsidiary companies[16] edit
2. MCB Arif Habib Savings & Investments Limited [17]
3. MCB BOKT Non-Bank Credit Organisation” Closed Joint Stock Company” [18]
See also edit
References edit
- ^ a b c d e f g "MCB Annual Report 2023" (PDF). MCB.com.pk. Retrieved 26 March 2024.
- ^ a b c d e Husain, Ishrat. "Policy Considerations before Bank Privatization Country Experience" (PDF).
- ^ . web.archive.org. March 28, 2023.
- ^ "Annual Report 2005" (PDF). Mcb.com.pk. Retrieved 28 June 2019.
- ^ "Maybank2u". Maybank2u.com.my. Retrieved 2019-06-28.
- ^ "MCB to expand Islamic banking services". Business Recorder. 2005-03-03. Retrieved 2019-06-28.
- ^ a b "Annual Report 2014" (PDF). Mcb.com.pk. Retrieved 28 June 2019.
- ^ "MCB sets up Islamic banking subsidiary". Thenews.com.pk. 2015-09-15. Retrieved 2019-06-28.
- ^ "MCB sets up Islamic banking subsidiary". Thenews.com.pk. 15 September 2015. Retrieved 28 June 2019.
- ^ "Annual Report 2015" (PDF). Mcbislamicbank.com. Retrieved 28 June 2019.
- ^ "Annual Report 2017" (PDF). Mcb.com.pk. Retrieved 28 June 2019.
- ^ "Pakistan Credit Rating Agency (PACRA)" (PDF). pacra.com.pk. Retrieved 2020-09-25.
- ^ Reporter, The Newspaper's Staff (2012-02-21). "Pakistan's tallest building completed". DAWN.COM. Retrieved 2020-07-12.
- ^ "MCB Bank demerges Islamic banking group against Rs7.946bln". www.thenews.com.pk.
- ^ "MCB Bank winds up another Subsidiary". Research Snipers. 2019-11-09. Retrieved 2021-01-25.
- ^ "MCB Bank Subsidiary Companies". Research Snipers. 2019-11-09. Retrieved 2021-01-25.
- ^ "MCB Arif Habib Savings & Investments Limited". Research Snipers. 2019-11-09. Retrieved 2021-01-25.
- ^ "MCB Non-Bank Credit Organisation" Closed Joint Stock Company"". Research Snipers. 2019-11-09. Retrieved 2021-01-25.
External links edit
- Muslim Commercial Bank