MCB board approves conversion of 39 branches into Islamic banking entities

By MG News | April 24, 2024 at 03:06 PM GMT+05:00

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April 24, 2024 (MLN): The Board of Directors of MCB Bank Limited (PSX: MCB) has 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 then 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 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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