May 10

MCB Bank finalizing Easypaisa acquisition

KARACHI: MCB Bank is in final stage for making decision regarding acquisition of Easypaisa, top management of the bank said on Tuesday. “The bank is in final stages of making a decision on potential Easypaisa acquisition and the announcement in this regard will be made shortly,” the management told at analyst briefing. Management indicated that […]

by Faisal Shah

Sri Lankan default impact on Pakistani banks

Apr 18

Sri Lankan default impact on Pakistani banks

KARACHI: Pakistani banks operating in Sri Lanka will have adverse effect on their books due to declaration of Sri Lanka for failure to repay its foreign debt. In a recent development, Sri Lanka announced that it would be defaulting on its external obligations due to dwindling foreign exchange reserves. Sri Lanka’s total external debt currently […]

by Faisal Shah

MCB Bank gets approval for Telenor Bank due diligence

Feb 21

Corporate, Money & Banking

MCB Bank gets approval for Telenor Bank due diligence

KARACHI: State Bank of Pakistan (SBP) has granted MCB Bank to conduct due diligence for the purchase of 55 per cent shares of M/s. Telenor Microfinance Bank, a statement said on Monday. According to it the SBP had granted in-principal conditional approval to MCB to conduct due diligence for a potential transaction for the purchase […]

by Faisal Shah

MCB Bank declares highest ever Rs52 bn profit before tax

Feb 10

Money & Banking

MCB Bank declares highest ever Rs52 bn profit before tax

LAHORE: MCB Bank on Thursday announced the highest ever annual profit before tax at around 52 billion for the year ended December 31, 2021 The profit before tax for the preceding year was Rs48.248 billion. The Board of Directors of the bank in its meeting under the Chairmanship of Mian Mohammad Mansha, on February 10, […]

by Anjum Shah

President Alvi rejects MCB Bank’s appeal in fraud case

Nov 25

Money & Banking

President Alvi rejects MCB Bank’s appeal in fraud case

ISLAMABAD: President of Pakistan, Dr. Arif Alvi has rejected an appeal filed by MCB Bank against a decision by the Banking Mohtasib (Ombudsman) in a case where a banking customer lost huge money due to fraudulent activity. President Dr Arif Alvi has upheld the decision of the Banking Mohtasib directing a private bank to credit […]

by Faisal Shah

MCB Bank, UnionPay ink pact for e-Commerce

Nov 18

Money & Banking

MCB Bank, UnionPay ink pact for e-Commerce

LAHORE: MCB Bank Limited has entered into an agreement with UnionPay International (UPI) to further facilitate e-Commerce businesses partnered with MCB e-Gate with access to UnionPay International’s globally recognized payment services. Under this agreement, MCB Bank will be enabling partner eCommerce businesses to access UnionPay International as a payment scheme in the MCB eGate internet […]

by Faisal Shah

Ufone signs Rs21 billion agreement for 4G spectrum

Nov 3

IT & Telecom

Ufone signs Rs21 billion agreement for 4G spectrum

ISLAMABAD: Pakistani Telecom Company, Ufone has secured its largest syndicated financing facility jointly led by MCB Bank Limited (MCB) (Agent bank), Allied Bank Limited (ABL), Bank of Punjab (BoP), National Bank of Pakistan (NBP), and United Bank Limited (UBL) to fund the acquisition and rollout of its 4G services across Pakistan. President and Group CEO, […]

by Hamza Shah

SBP approves Rs82.6 million interest free student loan

Aug 20

Money & Banking

SBP approves Rs82.6 million interest free student loan

KARACHI: The State Bank of Pakistan (SBP) has approved an amount of Rs82.6 million as interest free loan for deserving students. The apex committee for Student Loan Scheme having representation from State Bank of Pakistan, Finance Division (Government of Pakistan) and five major banks (NBP, HBL, UBL, ABL and MCB Bank) has approved Rs 82.6 […]

by Faisal Shah

MCB Bank’s 2QCY21 results above market expectations

Aug 11

Corporate, Money & Banking

MCB Bank’s 2QCY21 results above market expectations

KARACHI: MCB Bank on Wednesday announced a profit after tax of Rs7.9 billion for second quarter ended June 30, 2021. Analysts at Khadi Ali Shah Bukhari (KASB) said that the result is above estimates and street consensus. The deviation is mainly on account of recognition of provisioning reversal worth Rs1.8 billion during the quarter. The […]

by Anjum Shah

President rejects MCB Bank’s stance on internet banking fraud

Jul 9

Money & Banking

President rejects MCB Bank’s stance on internet banking fraud

ISLAMABAD: President Dr Arif Alvi on Friday rejected the representation of MCB Bank challenging the order of Banking Mohtasib to credit the lost money to its account holder, who had fallen victim to internet banking fraud. The President said the bank’s argument on declaring the unauthorized funds transfer as the customer’s liability for divulging his […]

by admin