MCB Bank Limited () is a Pakistani multinational

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

which is based in

Lahore Lahore ( ; pnb, ; ur, ) is the second most populous city in Pakistan after Karachi and 26th most populous city in the world, with a population of over 13 million. It is the capital of the province of Punjab where it is the largest city. ...

Punjab Punjab (; Punjabi: پنجاب ; ਪੰਜਾਬ ; ; also romanised as ''Panjāb'' or ''Panj-Āb'') is a geopolitical, cultural, and historical region in South Asia, specifically in the northern part of the Indian subcontinent, comprising ...

, Pakistan. The majority of shares are owned by Pakistani conglomerate

Nishat Group Nishat Group ( ur, ) is a Pakistani multinational conglomerate company which is based in Lahore, Pakistan. The company was founded by Pakistani business magnate Mian Muhammad Yahya in 1951. Mian Muhammad Mansha is the current chairman of the gr ...

and Malaysian bank

Maybank Malayan Banking Berhad (doing business as Maybank) is a Malaysian universal bank, with key operating "home markets" of Malaysia, Singapore, and Indonesia. According to the 2020 Brand Finance report, Maybank is Malaysia's most valuable bank b ...

. The bank has a network of 1,600 branches in 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 Nationalization (nationalisation in British English) is the process of transforming privately-owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization usually refers to p ...

in 1974 during the government of

Zulfikar Ali Bhutto Zulfikar (or Zulfiqar) Ali Bhutto ( ur, , sd, ذوالفقار علي ڀٽو; 5 January 1928 – 4 April 1979), also known as Quaid-e-Awam ("the People's Leader"), was a Pakistani barrister, politician and statesman who served as the fourth ...

. This was the first bank to be privatized in 1991 and the bank was purchased by a

consortium A consortium (plural: consortia) is an association of two or more individuals, companies, organizations or governments (or any combination of these entities) with the objective of participating in a common activity or pooling their resources for ...

of Pakistani corporate groups led by

. As of June 2008, the

owns a majority stake in the bank. The current President/CEO of the bank is Shoaib Mumtaz. 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 London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...

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 prefer it too as MCB instead of its full name. 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. 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.” In 2000, the bank established its

Islamic Banking Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economic ...

Business Group and opened its first

branch A branch, sometimes called a ramus in botany, is a woody structural member connected to the central trunk (botany), trunk of a tree (or sometimes a shrub). Large branches are known as boughs and small branches are known as twigs. The term '' ...

in 2003, by 2014 the Islamic Banking network had grown to 34 branches. This was in addition to and separate from bank's 1,100 conventional banking branches. In 2015, given the potential of Islamic Banking business, the bank proceeded to establish an independent but wholly owned subsidiary bank 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.

Credit rating

Long Term Credit Rating of MCB Bank Ltd is June 26, 2020, maintained at AAA riple Aand Short-Term Credit Rating of the bank is maintained at A1+ one plusby Pakistan Credit Rating Agency (PACRA).

MCB Tower

MCB Tower, situated in

Karachi Karachi (; ur, ; ; ) is the most populous city in Pakistan and 12th most populous city in the world, with a population of over 20 million. It is situated at the southern tip of the country along the Arabian Sea coast. It is the former cap ...

Pakistan Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...

is the former headquarters of MCB Bank Limited. The tower includes 29 floors and 3 basement floors.

MCB Islamic Bank

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

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.

Subsidiary companies

1. MCB Islamic Bank Limited 2. MCB Arif Habib Savings & Investments Limited 3.

MCB BOKT MCB or mcb may refer to: Science and technology * ''Molecular and Cellular Biology'', a scientific journal * Monochlorobenzene, an organic solvent * Miniature circuit breaker, in electrical distribution boards * Manually Controlled Barriers, a ...

Non-Bank Credit Organisation” Closed Joint Stock Company”

References

External links

MCB Bank Detailed company financials

Dawn News

Muslim Commercial Bank

Dawn News
{{KSE 30 Banks established in 1947 Banks of Pakistan Companies based in Lahore Companies listed on the Pakistan Stock Exchange Pakistani brands Nishat Group Formerly government-owned companies of Pakistan 1991 mergers and acquisitions Multinational companies headquartered in Pakistan Pakistani companies established in 1947