18/10/2006 The London Stock Exchange is delighted to welcome MCB Bank Limited Global to the Main Market.
18 October 2006
The London Stock Exchange is delighted to welcome MCB Bank Limited Global to the Main Market.
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 US$700 million from over 50 investors globally.
To mark the occasion, the London markets were opened by the Chairman of MCB Bank, Mr Mian Mohammad Mansha, Dr Maleeha Lodhi, High Commissioner for Pakistan in the United Kingdom, who were welcomed by Mrs Clara Furse, Chief Executive of the London Stock Exchange.
Clara Furse, Chief Executive, 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 Depositary Receipts (GDRs) worth USD 150 million. MCB is one of the leading commercial banks in Pakistan, with an asset base of approximately US$5.3 bn and a deposit base of over US$4.3 bn. With a current value of over US$2.3 bn, 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 4.3m account holders. Based on its market position, potential for growth, profitability and management quality, MCB 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.