Karachi, September 18, 2023 – MCB Bank has announced its intention to establish an exchange company with an initial paid-up capital of Rs 10 billion. The decision was communicated in a statement released to the Pakistan Stock Exchange (PSX).
During a board meeting held on September 15, 2023, MCB Bank’s board of directors granted approval for the creation of this exchange company, which will operate as a wholly-owned subsidiary of the bank. However, the establishment of the subsidiary is still pending approval from the State Bank of Pakistan and other relevant regulatory authorities.
This move reflects MCB Bank’s strategic expansion and diversification efforts, positioning the bank to engage in a broader range of financial services and offerings. The decision to establish an exchange company may open new avenues for the bank to better serve its customers and the financial market.
As the proposal moves forward, the banking industry and financial markets in Pakistan will closely monitor developments related to MCB Bank’s exchange company and its impact on the broader financial landscape.
