MCB meaning in Banking ?

Answer:

What is Muslim Commercial Bank mean?

MCB Bank Limited (ایم سی بی بینک لمیٹڈ) is a Pakistani multinational commercial bank which is based in Lahore, Punjab, Pakistan. The majority of shares are owned by Pakistani conglomerate Nishat Group and Malaysian bank Maybank. The bank has a network of 1,551 branches in Pakistan.

It was incorporated by the Adamjee Group on July 9, 1947. The bank was established to provide banking facilities to the business community of South Asia. The bank was nationalized in 1974 during the government of Zulfikar Ali Bhutto. This was the first bank to be privatized in 1991 and the bank was purchased by a consortium of Pakistani corporate groups led by Nishat Group. As of June 2008, the Nishat Group owns a majority stake in the bank. The president of the bank is Imran Maqbool.

The group has a presence in the business sectors of the country such as banking, textile, cement, and insurance. Mian Muhammad Mansha is chairman of both the group and MCB. The bank has established an Islamic Banking unit to offer Shariah-compliant products and services, with dedicated Islamic banking branches in six cities

In 2005, the management of the bank abbreviated its name from Muslim Commercial Bank Limited to MCB Bank Limited to explore international markets; they were facing resistance due to the word Muslim especially from Western Countries to avail license. In 2008 the head office of MCB was shifted from MCB Tower, Karachi to Lahore in a newly constructed building, namely MCB House located at Sharea Ghous-ul-Azam, commonly known as Jail Road.

MCB, advised by Merrill Lynch, became the fourth Pakistani company (the other three being Hubco, PTCL, and Chakwal cement; they all have been delisted) to list on the London Stock Exchange when it raised US$150 million global depositary receipts.

reference

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