KARACHI: Muslim Commercial Bank (MCB) 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, said a MCB release here on Thursday.
Burj Bank will also meet the minimum capital requirement (MCR) of Rs 10 billion, as required by the State Bank of Pakistan. As a result of the investment, MCB Bank will own approximately 55 percent of the shares of Burj Bank Limited.
Burj Bank with its 75 branches together with MCB's 27 branches which are intended to be merged into Burj Bank after regulatory approvals including State Bank will make Burj Bank a significant player in Islamic Banking in Pakistan. This will 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.
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