 | |
 Headquarters of MCB Bank inLahore | |
| Company type | Public |
|---|---|
| PSX: MCB KSE 100 component KSE 30 component | |
| Industry | Banking |
| Founded | July 9, 1947; 78 years ago (1947-07-09) |
| Founder | Adamjee Haji Dawood |
| Headquarters | MCB Building,Lahore, 54660 , |
Number of locations | 1,403[1] (2024) |
Key people |
|
| Products | Loans,credit cards,Debit cards, savings, consumer banking, Home Remittance etc. |
| Revenue |  Rs. 186.52 billion (US$650 million)[1] (2024) |
 Rs. 118.42 billion (US$410 million)[1] (2024) | |
| Rs. 57.61 billion (US$200 million)[1] (2024) | |
| Total assets | Rs. 2.70 trillion (US$9.4 billion)[1] (2024) |
| Total equity | Rs. 227.20 billion (US$790 million)[1] (2024) |
| Owner | Maybank (18.78%) Nishat Mills (8.02%) Adamjee Insurance (5%) Security General Insurance (5%) |
Number of employees | 14,289[1] (2024) |
| Parent | Maybank Nishat Group |
| Subsidiaries | MCB Islamic Bank MCB Non-Bank Credit Organization Closed Joint Stock Company MCB Investment Management Limited (81.42%) |
| Website | mcb |
MCB Bank Limited is a Pakistanicommercial bank which is based inLahore,Punjab. It is majority owned by a group of companies affiliated withNishat Group and Malaysian bankMaybank.
MCB Bank is listed on thePakistan Stock Exchange.
MCB Bank wasincorporated as Muslim Commercial Bank in July 1947, shortly before thePartition of India, under the encouragement ofMuhammad Ali Jinnah.[2] The founders,Adamjee Haji Dawood andM. A. Ispahani, were joined by directors from major Muslim commercial and industrial families, including theIspahani,Adamjee, Dada, Arag, and Amin Jute families.[2] Among the founding members was alsoKhwaja Shahabuddin, a former member of the first Muslim ministry in Bengal from 1937 to 1940.[2]
In 1964, MCB became part ofAdamjee Group.[2]
MCB wasnationalised in 1974 during the government ofZulfikar Ali Bhutto. Subsequently, its shares were de-listed from theKarachi Stock Exchange after acquisition by thegovernment of Pakistan.[3]
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.[4][5] 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).[5][6]
The privatization process continued on February 19, 1992, with the public offering of an additional 25 percent of MCB's shares.[5] Following the divestment of a 51 percent stake, MCB was no longer subject to the Banks (Nationalization) Act, 1974.[5] 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.[5]
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.[7]
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.[8] In 2008, the head office of MCB was shifted fromMCB 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, MCB established itsIslamic Banking Business Group and opened its firstbranch in 2003.[9] By 2014 the Islamic Banking network had grown to 34 branches.[10] This was in addition to and separate from bank's 1,100 conventional banking branches.[10] In 2015, given the potential of Islamic Banking business, the bank proceeded to establish an independent but wholly owned subsidiary bank[11][12] named MCB Islamic Bank Limited, referred to as MIB in short.[13]
MCB Tower, situated inKarachi,Pakistan is the former headquarters of MCB Bank Limited. The tower includes 29 floors and 3 basement floors.[14] The bank is now headquartered in the MCB Building on Jail Road inLahore.[15]
MCB Islamic Bank (MIB) is a subsidiary of MCB Bank. MIB was established as a demerger from MCB andNIB Bank.[16][17]
MNET Services (Private) Limited amalgamated with and into MCB Bank, the effective date of amalgamation was April 30, 2019.[18]
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