Maybank, the largest bank in Malaysia signed an agreement with the Nishat Group, the owner of MCB Bank to purchase around one fifth or twenty percent of MCB Bank’s ordinary shares to gain a strategic advantage in the Pakistani market.
This also helps MCB Bank in having such a prestigious name as Maybank to be its only international banking partner. The purchase price was close to US$ 700 million (Maybank 2008). Another development in the recent past was the construction of the MCB Tower, the tallest building in Pakistan which will be the new headquarters of the bank and represents through its height and infrastructure the leadership and innovative spirit of MCB Bank. This tower is strategically placed close to Habib Bank Plaza, the former tallest building in Pakistan and one of the main competitors of MCB Bank (MCB Bank Ltd 2008).
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