News Column

MCB to invest in new shares of Burj Bank Limited

February 14, 2014

MCB Bank Limited has reached an understanding with the majority shareholders of Burj Bank Limited to invest in new and existing shares.

As a result of this investment, the existing strategic shareholder of the Bank namely ICD - Islamic Corporation for the Development of the Private Sector (the Private Sector Arm of the Islamic Development Bank Group - an international financial institution / multilateral with their Head Office in Saudi Arabia) will also inject further capital in the Bank and Burj Bank will also meet the Minimum Capital Requirement (MCR) of PKR 10 Billion, as required by the State Bank of Pakistan.

As a result of the investment, MCB Bank will own approximately 55% of the shares of Burj Bank Limited. Burj Bank with its 75 branches together with MCBs 27 branches which are intended to be merged into Burj Bank after regulatory approvals including State Bank of Pakistan will make Burj Bank a significant player in Islamic Banking in Pakistan and also bring a fresh wave of growth for Burj Bank Limited given the strategic partnership between two of the strongest financial entities in the region.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Baluchistan Express, The

Story Tools