MCB Financial Services Ltd is no longer a subsidiary of MCB Bank

By MG News | November 23, 2020 at 12:27 PM GMT+05:00

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November 23, 2020 (MLN): MCB Bank Limited via notification to PSX, has informed that the sale of its wholly owned subsidiary MCB Financial Services Limited ("MCBFSL"), through Share Purchase Agreement has now completed in accordance with necessary approvals, including the approval granted by the Securities and Exchange Commission of Pakistan (SECP).

Following this transaction, MCBFSL is no longer a subsidiary of MCB, and is fully owned by ISE REIT and lnfotech.

For the unversed, MCB entered into a Share Purchase Agreement with ISE Towers REIT Management Company Limited ("lSE REIT") and its co-purchaser lnfotech (Private) Limited ("lnfotech") on October 15, 2019, for the acquisition of MCB Financial Services Limited ("MCBFSL"), a wholly owned subsidiary of the Bank, by ISE REIT and lnfotech.

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