MCB Bank Shareholders Approve Transfer of 39 Branches to Islamic Banking Subsidiary
MCB Bank Limited (PSX: MCB) received shareholder approval to move 39 branches and their corresponding operations into their Islamic banking subsidiary, MCB Islamic Bank Limited. This information was announced in a filing to the Pakistan Stock Exchange on Monday.
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The transfer includes all assets, liabilities, and day-to-day operations of the designated branches. MCB Bank has authorized its CEO, Company Secretary, and CFO to take necessary steps to complete the process.
MCB Bank Limited is a commercial bank in Pakistan offering traditional banking services. At the time of filing, the bank’s stock price was Rs. 227.97, experiencing a slight decline of 0.08% or Rs. 0.19. The trading volume for the day was 134,786 shares.
