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MCB Bank

Official Certification

Pakistan

20 Year

Official Website

Updated On 2025-04-10 14:09:27

Industry Rating

a

Basic Information

Full Name Of The Enterprise

MCB Bank

Country

Pakistan

Enterprise Classification

Bank Insurance (Joint Venture)

Registration Time

1947

Business Status

Active

Regulatory Information

Enterprise Evaluation/Exposure

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Exposure Evaluation

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MCB Bank Enterprise Introduction

MCB Bank Limited (Urdu ：ایم سی بی بینک） Is A Pakistani Multinational Commercial Bank Headquartered In Lahore, Punjab, Pakistan. Most Of The Shares Are Owned By Nishat Group, A Pakistani Conglomerate, And Maybank, A Malaysian Bank. The Bank Has 2,000 Branches And More Than 1,200 ATMs In Pakistan. The Current President/CEO Of The Bank Is Shoaib Mumtaz.

MCB, With Advice From Merrill Lynch, Raised $150 Million In Global Depositary Receipts And Became The Fourth Pakistani Company To List On The London Stock Exchange (the Other Three Are Hubco, PTCL And Chakwal Cement, All Of Which Have Been Delisted).

HISTORY

MCB Bank Was Registered As A Muslim Commercial Bank In July 1947, With The Encouragement Of Muhammad Ali Jinnah, Shortly Before The Partition Of India. The Founders, Adamjee Haji Dawood And M.A. Ispahani, Were Joined By Directors From Major Muslim Business And Industrial Families, Including The Ispahani, Adamjee, Dada, Arag And Amin Jute Families. Members Also Included Khwaja Shahabuddin, A Former Member Of The First Muslim Ministry In Bengal From 1937 To 1940.

In 1964, MCB Became Part Of The Adamjee Group.

MCB Was Nationalized In 1974 During The Government Of Zulfikar Ali Bhutto. Subsequently, Its Shares Were Delisted From The Karachi Stock Exchange After Being Acquired By The Government Of Pakistan.

On 6 April 1991, The Government Sold 26% Shares In MCB To The National Group At A Price Of Pakistani Rupees 56 Per Share, Totalling 838.80 Million Pakistani Rupees. The Transaction Was Conducted Under An "as Is" Arrangement, Which Resulted In The Federal Government Suspending Most Of The Provisions Of The Banking (Nationalization) Act 1974 For Six Months, With The Exception Of Section 5 (6) (a).

The Privatization Process Continued On 19 February 1992 With The Public Offering Of An Additional 25% Of MCB Shares. After Divesting 51% Of The Shares, MCB Was No Longer Subject To The Banking (Nationalization) Act 1974. [5] On 31 December 1992, National Group Acquired Another 24% Of MCB Shares At Rs 56.15 Per Share, Increasing Its Total Holding To 50%.

In 2005, The Management Of The Bank Abbreviated Its Name From Muslim Commercial Bank Limited To MCB Bank Limited In Order To Open Up The International Market; Due To The Word Muslim, Especially Muslims From Western Countries, They Faced Resistance To Obtain A License.

In 2008, Maybank (Malaysia) Announced The Purchase Of Just Over 94 Million Ordinary Shares From Nishat Group To Acquire A 20% Stake In MCB Bank Limited. The Deal Was Valued At 2.17 Billion Ringgit (US $686 Million). Maybank Paid Rs 470 Per Share Of MCB Ordinary Shares In Pak. In 2008, The Headquarters Of MCB Was Relocated From The MCB Tower In Karachi To A Newly Built Building In Lahore, Namely MCB House Located In Sharea Ghouse-ul-Azam (commonly Known As Prison Road).

In 2000, The Bank Established The Islamic Banking Business Group And Opened Its First Branch In 2003. By 2014, The Islamic Banking Network Had Grown To 34 Branches. This Was Complementary And Independent Of The Bank's 1,100 Traditional Bank Branches. In 2015, In View Of The Potential Of Islamic Banking, The Bank Began To Set Up An Independent But Wholly Owned Subsidiary Bank Called "MCB Islamic Bank Limited", Or "MIB" For Short. MCB Bank Ltd Has Appointed Raza Mansha As The First Chairperson Of The Board And Ali Muhammad Mahoon As The First President Of MIB.

Credit Rating

The Long-term Credit Rating Of MCB Bank Ltd Is Maintained At AAA [Triple A] As Of June 26, 2020, And The Pakistan Rating Agency (PACRA) Maintains The Short-term Credit Rating Of The Bank At A1 + [A One Plus].