MCB is the first Pakistani company to be listed on the London Stock Exchange for trading on the Professional Securities Market. The GDR issue attracted demand in excess of $700 million from over 50 investors globally.
To mark the occasion, the London markets were opened by MCB Bank Chairman Mohammad Mansha. He and Dr Maleeha Lodhi, High Commissioner for Pakistan in the United Kingdom, were welcomed by Mrs Clara Furse, Chief Executive of London Stock Exchange. Clara Furse said:
"We are delighted to welcome MCB Bank to the London Stock Exchange. As the first company from Pakistan to list on the London Stock Exchange, MCB Bank's listing highlights London's position as the market of choice for companies from across the globe seeking to access international investment capital. We hope to see more Pakistani companies join MCB Bank on the London Stock Exchange."
MCB Bank issued 8,622,100 Global Depository Receipts (GDRs) worth $150 million. MCB is one of the leading commercial banks in Pakistan, with an asset base of approximately $5.3 billion and a deposit base of over $4.3 billion. With a current value of over $2.3 billion, MCB Bank is the second largest bank in Pakistan by market capitalisation.
MCB Bank's approximately 8,600 employees operate through a network of 959 branches servicing thousands of institutional banking clients and 4.3 million account holders. Based on its market position, potential for growth, profitability and management quality, MCB Bank has received the Euromoney Award for Excellence for the 'Best Bank in Pakistan' for six out of the past seven years, and the Asia Money Award for the 'Best Domestic Commercial Bank' for the last three years.-PR
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