Last Updated on: 10th July 2023, 08:46 am
MCB Bank Ltd. is working to consolidate Its Operations By Winding Up Subsidiaries
MCB Bank is considering consolidating its another subsidiary, MCB Financial Management Services Ltd., in the coming months after its board of directors gave the go-ahead.
MCB holds 95.90% of the shares in MCB Financial Management Services Ltd. They will prefer to sell the shares to interested investors instead of pooling the assets of the subsidiary in the bank.
The MCB Bank seeks to consolidate its business by liquidating its subsidiaries with losses or not returning to the bank.
MCB Bank sealed the deal to sell its shares in MCB Financial Services Limited for Rs. 89 million, earlier in November.
MCB Bank has already merged its two subsidiaries MNET Services Limited, the interbank network with its operations, and suffered a loss of Rs. 7.5 million.
In addition to these subsidiaries, MCB Bank has other subsidiaries such as MCB Islamic Bank, MCB Arif Habib Investments and Savings, and MCB Leasing, a limited liability company (Azerbaijan).
The bank’s administration is now focused on strengthening the business of its remaining subsidiaries by streamlining and expanding business to achieve sustainable profitability. MCB Bank is considered to be the second most profitable bank in Pakistan.
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