MCB Bank Gets Approval to Convert 39 Branches Into Islamic Banking Entities

MCB Bank Limited (PSX: MCB) has received shareholder approval to incorporate 39 branches along with all rights and obligations pertaining thereto into its Islamic banking operations, the bank informed the main bourse on Monday. According to the stock filing, shareholders of the bank have approved the transfer of banking business including assets, liabilities, and operations of 39 branches of MCB Bank Limited into MCB Islamic Bank Limited. “Further resolved that the President & CEO and/or the Company Secretary and/or the Chief Financial Officer of MCB Bank Limited, singly, be and are hereby authorized to take any steps/measures for the implementation and completion of the Scheme,” the filing added. MCB Bank Limited is a banking company incorporated in Pakistan and is engaged in commercial banking and related services. At the time of filing, the bank’s scrip at the bourse was Rs. 227.97, down 0.08 percent or Rs. 0.19 with a turnover of 134,786 shares on Monday.