MCB board approves conversion of 39 branches into Islamic banking entities

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

Add Mettisglobal as a Trusted Source on Google

0:00

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	179,083.80 326.85M	-0.14% -251.44
ALLSHR	106,969.30 1,243.49M	-0.04% -40.87
KSE30	52,230.29 176.10M	-0.34% -175.66
KMI30	256,073.83 172.72M	-0.20% -510.00
KMIALLSHR	69,023.58 647.47M	-0.10% -67.01
BKTi	49,405.48 47.35M	-0.64% -316.53
OGTi	35,110.87 9.20M	-0.54% -191.00

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	74,065.00	74,205.00 73,230.00	260.00 0.35%
BRENT CRUDE	92.79	93.61 91.44	1.30 1.42%
RICHARDS BAY COAL MONTHLY	125.75	0.00 0.00	-0.45 -0.36%
ROTTERDAM COAL MONTHLY	135.75	136.20 135.50	1.75 1.31%
USD RBD PALM OLEIN	1,182.50	1,182.50 1,182.50	0.00 0.00%
CRUDE OIL - WTI	86.64	87.39 85.81	0.60 0.70%
SUGAR #11 WORLD	18.17	18.38 18.10	0.08 0.44%