MCB Bank announces Rs19.4bn profit

KARACHI: MCB Bank has announced Rs19.4 billion profit before tax for the first three quarters of 2010 as against Rs17.6 billion for the corresponding period in 2009, showing an increase of 10 percent.


Profit after tax was reported at Rs 12.5 billion, translating into an earning per share (EPS) of Rs16.44, said a statement issued on Tuesday.

The board of directors met on October 26 and reviewed the performance of the Bank for the nine months ended September 30. It approved the financial results for the period.

MCB mobile money service nominated best in world

KARACHI: Mobile World Congress has nominated MCB Mobile, a service launched by the MCB Bank in 2009, as the best across the world.

The nomination was an acknowledgement for the recently launched innovative mobile banking solution by the MCB Bank and GSM Association (GSMA), said a press release.

Deal to sell Pakistan operations has lapsed: RBS rb

LONDON: State-rescued lender Royal Bank of Scotland said Monday that a deal to sell its Pakistan unit to MCB Bank for 87 million dollars (62 million euros) had lapsed.

RBS had agreed in August to sell the operations to MCB in a transaction that was expected to be completed in the final quarter of 2009 — but MCB did not manage to gain regulatory approvals, the group said in a statement.

MCB’s contract for acquiring RBS stands scrapped

KARACHI: The contract under which Muslim Commercial Bank (MCB) was to acquire majority stake with administrative control in Royal Bank of Scotland (RBS) has been scrapped as it failed to get regulatory approval.

Spokesman of MCB told Geo News that under the agreement MCB was to acquire 99.37 percent shares of RBS by December 31. However, the acquisition failed to get approval from Pakistani regulator in the stipulated time and as a result the contract now stands scrapped.

RBS deposits 99.37pc shares in CDC

KARACHI: The Royal Bank of Scotland has clarified a news-item, appearing in Dawn on Dec 19 under the heading ‘SBP declines to issue NOC: RBS-MCB deal in doldrums.’ 
 
Clarifying its position on Saturday, the bank said it had deposited its 99.37 per cent shares of the RBS (Pakistan) in blocked account with the Central Depository Company of Pakistan (CDC) at the time when it acquired the shares as required by the relevant circular issued by the State Bank.

RBS-MCB deal in doldrums as SBP denies NOC

KARACHI: The deal for sale of Royal Bank of Scotland (RBS) Pakistan comes under serious trouble as State Bank has refused to issue a no-objection certificate for the deal, reliable banking sources told Dawn on Friday.
 
The MCB Bank had signed an agreement in August to buy RBS Pakistan operations, and both the parties had also issued welcome statements after the deal, and it was decided that the deal would materialise by the end of Dec 31.