MCB Bank Limited is launching the formal operations of its subsidiary 'MCB Leasing' - Closed Joint Stock Company (CJSC) in Baku, Azerbaijan from July 13, 2010. According to an information sent to Karachi Stock Exchange (KSE) here on Monday, MCB Leasing was established after obtaining all the required regulatory approvals, with share capital of one million dollars with 95 equity shares held by MCB bank and the remaining five percent of the shares are held by a renowned Azerbaijani businessman.
MCB Leasing would cater to the needs of transportation, logistics, food industry and processing, trade, telecommunications, health, tourism, processing and storage of agricultural products, construction and other promising sectors of Azerbaijani economy. Meanwhile according to a press release issued by MCB Bank Limited, one of the most stable and sound financial institution of Pakistan with presence in Sri Lanka, Bahrain, UAE and Hong Kong, has further expanded its international network by launching the operations of its leasing subsidiary "MCB Leasing" - Closed Joint Stock Company (CJSC) in Baku, Azerbaijan.
The press release said that MCB Leasing will mainly be involved in financial leasing, offering a wide range of leasing products to the growing corporate sector in Azerbaijan.
"We endeavour to establish long-term relationships with our customers in Azerbaijan by offering them innovative products coupled with superior customer service and a personal approach to our clients' financial needs", said Sibt-e-Hassan Taqi, CFO of MCB Leasing.
"Such expansion in times of global recession is testament of the stability of the bank and the vision of its management which is bringing honour to the nation and trust to investors", he added. MCB Leasing will expand its financial leasing activity throughout Azerbaijan and will open new sales offices across the country to support these operations. With a customer base of more than 4 million and a nation wide network of around 1100 branches, MCB Bank has been ahead of all its competitors in all the stock exchanges across Pakistan in terms of market capitalisation.-PR