MCB Bank increases stake in subsidiary

MCB Bank increases stake in subsidiary

MCB Bank has acquired an additional 30 percent stake in its subsidiary, MCB-Arif Habib Savings and Investments at a cost of Rs. 649 million.

According to a stock filing to a Pakistan Stock Exchange (PSX), MCB Bank rece
ived 21.6 million shares or 30 percent stake of Arif Habib Corporation at the share price of Rs. 30.

Now, its overall shareholding in the subsidiary has increased to over 81 percent from 51 percent.

The shares swap deal has been approved by corporate and regulatory authorities including the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan, and shareholders of the bank.

Similar to MCB Bank, various commercial banks in recent months have increased their shareholdings in the subsidiary or associated companies managing assets and mutual funds.

MCB-AH Limited is one of the leading asset management companies and is currently managing eighteen (18) Open-end Schemes, two (2) Voluntary Pension Schemes, and more than fifty (50) Discretionary and Non-Discretionary Portfolios.

The Assets under the management of MCB-AH as of December 2022 stood at more than Rs. 226.87 billion.