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MCB Bank was incorporated as Muslim Commercial Bank in July 1947, shortly before the Partition of India, under the encouragement of Muhammad Ali Jinnah. [2] The founders, Adamjee Haji Dawood and M. A. Ispahani, were joined by directors from major Muslim commercial and industrial families, including the Ispahani, Adamjee, Dada, Arag, and Amin Jute families. [2]
MCB Tower, situated in Karachi, Pakistan, is the former headquarters of MCB Bank Limited. It is the fifteenth tallest building in Pakistan . It is about 116 m (381 ft) tall and contains 29 floors and 3 basement floors.
In 2009, Arif Habib sold the bank to Suroor Investments for Rs. 2.7 billion (US$32.5 million) which then merged with Atlas Bank and Mybank to form Summit Bank. [ 3 ] In 2010, Arif Habib merged its investment arm, Arif Habib Investments, with MCB Asset Management to form the MCB-Arif Habib Savings and Investments Limited.
Deutsche Bank AG (Deutsche Bank Pakistan) Citi Bank N.A (CitiBank N.A Pakistan) Industrial and Commercial Bank of China Limited (ICBC Pakistan) Bank of China [3] (Bank of China Pakistan Branch) The Hong Kong and Shanghai Bank (HSBC Bank Pakistan) The Bank of Tokyo-Mitsubishi UFJ (MUFG Bank Pakistan) Standard Chartered Bank (Standard Chartered ...
In 2005, MCB Tower, also in Karachi, surpassed Habib Bank Plaza at 116 m (381 ft) [4] and 29 floors. In 2012, Ocean Towers eclipsed these at 120 m (394 ft) and 30 floors. Bahria Icon Tower surpassed them all in 2016.
It remained the tallest building in Pakistan for four decades until the 29-floor and 116m tall MCB Tower was built, also in Karachi. [ 7 ] [ 8 ] HBL Plaza was inaugurated to mark the 25th anniversary of the bank, [ 9 ] and started its operations on 4 September 1971.
MCB Bank is one of the four largest banks in Pakistan. It is considered as one of the 'Big Five' banks of Pakistan. [18] The bank was incorporated by Adamjee Group and it was nationalized by then Prime Minister Zulfikar Ali Bhutto. In the 1990s, it was privatized by then Prime Minister Nawaz Sharif's government and came under the Nishat Group. [5]
In November 2018, the Competition Commission of Pakistan approved Alipay's – a subsidiary of Ant Financial – acquisition of 45% shareholding in the microfinance bank for $184.5 million. [6] [7] In November 2021, the board of MCB bank approved to conduct due diligence to buy 55% shares of Telenor Microfinance Bank. [8] [9] [10]