MUSLIM COMMERCIAL BANK
MCB Bank Limited is a Pakistani trading bank, headquartered in Lahore, Pakistan. Pakistani conglomerate Nishat Group and Malaysian bank Maybank own the bulk of the shares.
It was founded on 9 July 1947 by the Adamjee Family. The bank was founded to provide banking facilities for South Asia’s business community. The bank had been nationalized under Zulfikar Ali Bhutto’s government in 1974.
This was the first bank that was privatized in 1991, and a consortium of Pakistani corporate groups headed by Nishat Group acquired the bank. The Nishat Group owns a majority stake in the bank as of June 2008. The bank’s Chairman is Imran Maqbool.
111-000-622 is the Helpline of MCBMCB Helpline
The group has a presence in the country’s business sectors including banking, textile, cement, and insurance. Mian Muhammad Mansha is a group secretary and MCB chairman. The bank has set up an Islamic Banking Division to provide Sharia products and services with dedicated Islamic banking branches in six cities.
In 2005, the bank’s management abbreviated its name from Muslim Commercial Bank Limited to MCB Bank Limited for the purpose of entering international markets. They encountered opposition due to the term Muslim in particular from Western Countries to use permission.
In 2008 MCB’s headquarters were relocated from Karachi to Lahore in a newly built building, called MCB House situated at Share Ghous-ul-Azam, commonly known as Jail Avenue.
MCB, advised by Merrill Lynch, became the fourth Pakistani firm to be listed on the London Stock Exchange. When it received US$ 150 million in global depositary receipts (the other three were Hubco, PTCL and Chakwal cement, they were all delisted).
Name changing to MCB Bank Limited
The bank name was changed from “Muslim Commercial Bank Limited” into “MCB Bank Limited” in 2005. This need was felt as the bank was already known and famous among its customers and the public as “MCB” and most people would refer to it as MCB rather than its full name.
20% percent of MCB share
The Maybank (Malaysia) reported in 2008 the purchase of a 20 percent stake. In the equity of MCB Bank Limited by buying just over 94 million ordinary shares from the Nishat Group.
The Maybank paid a price which was Pak. Rupees 470 per MCB Common Share. As per Maybank, “The transaction is in line with Maybank’s strategy to build its footprint in key growth markets across the world, as Malaysia’s financial services pioneer in the region.
Islamic Banking Business
The bank formed its Islamic Banking Business Group in the year 2000 and opened its first branch in 2003. With the Islamic Banking Network rising to 34 branches by 2014.
This was different from the 1,100 traditional banking divisions of the bank, in comparison to. In 2015. The bank proceeded to create an independent but wholly-owned subsidiary bank called “MCB Islamic Bank Limited”, shortly referred to as “MIB”.
MCB Bank Ltd has named Raza Mansha as its first Chairman of the Board and Ali Muhammad Mahoon as the MIB’s first President.
MCB Bank Ltd’s long term credit rating is held at AAA [ Triple-A ] on June 19, 2017. And the bank’s short-term credit rating is retained by the Pakistan Credit Rating Agency (PACRA).