Feb 21

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 Shahnawaz

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 Mrs. Anjum Shahnawaz

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 Shahnawaz

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 Shahnawaz

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 Shahnawaz

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 Shahnawaz

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 Mrs. Anjum Shahnawaz

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 Mrs. Anjum Shahnawaz

SBP imposes Rs96 million as monetary penalties on top banks

Apr 23

Money & Banking

SBP imposes Rs96 million as monetary penalties on top banks

KARACHI: The State Bank of Pakistan (SBP) has imposed around Rs96 million as monetary penalties on top banks for violating regulatory instructions, including instructions related to anti-money laundering (AML) and combating financing of terrorism (CFT), a notification said on Friday. The SBP imposed these penalties during quarter ended March 31, 2021 on Habib Bank Limited, […]

by Mrs. Anjum Shahnawaz

MCB Bank pays penalties amounting Rs191.76 million

Mar 6

Money & Banking

MCB Bank pays penalties amounting Rs191.76 million

KARACHI: MCB Bank has paid an amount of Rs191.76 million as penalties for various regulatory violations during the year ended December 31, 2020. According to financial results released by the bank for the year ended December 31, 2020, the bank paid the amount of Rs191.76 million to the State Bank of Pakistan (SBP) as penalties […]

by Mrs. Anjum Shahnawaz