High Court approves MCB's conversion of 39 branches to islamic banking

MG News | October 08, 2024 at 02:20 PM GMT+05:00

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October 08, 2024 (MLN): The Lahore High Court has approved MCB Bank Limited's (PSX: MCB) Scheme of Compromises, Arrangements, and Reconstruction, which involves the demerger and conversion of 39 of the bank's branches into Islamic banking branches.

Accordingly, these demerged entities will be merged with and into MCB Islamic Bank Limited (MIB) and the merger will be facilitated by cash on the effective date against payment of cash consideration.

The Effective Date of the Scheme is the close of business on November 15, 2024.

It is worth noting that MIB is a wholly-owned subsidiary of MCB.

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