PAKISTAN: Local bank plans foreign expansion

06 September 1996
NEWS

The local Muslim Commercial Bank (MCB) has announced that it is planning several new overseas ventures. The bank's president, Husain Lawai, said that it was planning a leasing company, to be known as International Leasing & Financial Services, to be incorporated in Dhaka in partnership with a multinational company and a Bangladeshi insurance company. MCB is also completing work on finance companies in London and Hong Kong, and a Tanzania subsidiary to be called Mercantile Commercial Bank. It is also looking at opening overseas branches in Romania, Sharjah and Sri Lanka.

MCB's pre-tax profits rose to Rs 928 million ($26.2 million) in 1995, 31 per cent up on the previous year, and 335 per cent up on 1991, when the bank was privatised. Net assets grew to Rs 119,700 million ($3,384 million) in 1995, from Rs 98,600 million ($2,787 million) in 1994 and Rs 45,200 million ($1,278 million) in 1991. In terms of pre-tax profits, MCB is now the third-largest national bank in Pakistan.

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