MCB bank's 39 branches set to convert to Islamic banking operations

By MG News | July 08, 2024 at 12:32 PM GMT+05:00

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July 08, 2024 (MLN): The shareholders of MCB Bank Limited (PSX: MCB) have approved the Scheme of Compromises, Arrangements and Reconstruction involving the demerger and conversion of the bank's 39 branches into Islamic banking branches.

These demerged entities will merge with and into MCB Islamic Bank Limited (MIB). Moreover, cash will facilitate the merger on the effective date against payment of cash consideration.

The resolution further authorizes the President & CEO, Company Secretary, and Chief Financial Officer of MCB Bank Limited to take necessary steps and measures to implement and complete the Scheme

The bank further informed that this scheme is subject to the No Objection Certificates (NOC) of the State Bank of Pakistan (SBP), approval of the shareholders of MCB & MIB, sanction by the Honorable Lahore High Court, Lahore and other consents.

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