MCB Bank winds up another Subsidiary

MCB

Following the board of directors giving a green signal, MCB Bank is winding up another subsidiary, MCB Financial Management Services Limited.

In MCB Financial Management Services Limited, MCB has 95.90% shares. It prefers to sell the share to interested investors instead of merging the assets of the subsidiary into the bank.

In order to consolidate its operations, MCB Bank is winding up subsidiaries that are running in losses or not giving any profit.

Must read: SBP Penalizes Askari Bank, Meezan Bank, and MCB Islamic Bank

MCB Bank sealed the deal to sell off its shares in MCB Financial Services Limited for Rs. 89 million, earlier in November.

Already, MCB Bank has merged its MNET Services Limited subsidiary and absorbed a loss of around Rs. 7.5 million.

MCB Bank is also operating other subsidiaries including MCB Islamic Bank, MCB Arif Habib Investments and Savings, and MCB Leasing Closed Joint Stock Company (Azerbaijan), along with these subsidiaries.

Read also: SBP Penalizes Four Leading Banks of Pakistan

MCB wants to strengthen operations of its subsidiaries via streamlining and expansion of operations for sustainable profit-making. Currently, MCB Bank is the second most profitable bank in the country.

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