MCB Bank 1st Co from Pakistan to list on London Stock Exchange
The London Stock Exchange today welcomed MCB Bank Limited to its markets. MCB Bank is the first company from Pakistan to list on the London Stock Exchange. MCB Bank is the second largest bank in Pakistan in terms of market capitalization and is the fourth largest in the country in terms of branch networks and assets. The company raised a total of $150 million through the listing of Global Depository Receipts (GDRs) on the Exchange’s Professional Securities Market. To celebrate the occasion, the Exchange’s markets were opened by Mr. Milan Mohammed Mansha, Chairman of MCB Bank; and Dr. Maleeha Lodhi, High Commissioner for Pakistan in the United Kingdom. They were accompanied 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.” From January to the end of September 2006, the Exchange has attracted a total of 93 new international companies its Main Market and AIM, from 19 different countries, and raising a total of $16.24 billion. MCB Bank’s transaction was led by Merrill Lynch and the Pakistani investment bank KASB Securities.
Re: MCB Bank 1st Co from Pakistan to list on London Stock Exchange
According to Shahid Javed Burki in his article recently, Pakistan has the most advanced banking sector in the region, even beyond the Indian banking sector, and this can be a huge asset in the countries development.
Re: MCB Bank 1st Co from Pakistan to list on London Stock Exchange
PakPatriot:
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and this can be a huge asset in the countries development.
[/quote]
May be.
But I am getting frustrated by all these future tenses giving us hopes for a properous future. I wonder when will this future become present?!
When will we stop using the word 'can be', 'will be', 'should be', 'would be'; and start using the words 'is'.
Re: MCB Bank 1st Co from Pakistan to list on London Stock Exchange
Patience… Pakistans MANY MANY problems cant be resolved over night. Its small advantages such as these that build up over time and provide the country with a strong base needed to maintian high growth.. In the past Pakistan lacked such a base, or what it did have was sabotaged, and so long term growth could not be maintained. Now we have a base from where to build up and cushion against shocks.
Re: MCB Bank 1st Co from Pakistan to list on London Stock Exchange
Pakistanis withdraw $500mn from banks for Eid splurge
Over Rs30bn, or $500mn, were drawn from banks by Pakistanis during Ramazan for Eid shopping, and the amount is 30% higher than what was drawn in the holy month last year, estimate bankers. They said this higher figure inflated the cost of goods and services. However, they maintained that despite higher outflow of cash, banks did not face any scarcity. Last year, banks were out of liquidity and the customers faced immense problems in getting their own cash. Banks said they could not compile data of outflow. However, their reported estimates showed that Karachi witnessed the biggest outflow. They said huge transactions from Karachi to Kashmir were also recorded. “I believe that besides Zakat, additional cash help was also provided from Karachi to quake victims during Ramadan,” said Abi Ali, an officer at a local bank.
Some bankers believe that the outflow of cash from banks could be more than Rs30bn. “Another reason for the huge outflow is the roaring business that exchange companies did in Ramadan. They also provide rupees withdrawn from banks in exchange of foreign currencies,” said another banker.
The exchange companies said their business rose by 40 to 60% this Ramadan as compared to last year. They believe that huge funds for charity also landed in Pakistan from abroad. These funds were transferred through the Hundi system, which finally came to the exchange companies for local currency.
Heavy withdrawals were noted in National Bank, Habib Bank, MCB, United Bank, Allied Bank and Bank Alfalah. The bankers said unlike the previous year, a massive withdrawal was made throughout the holy month. Last year, a powerful earthquake hit the north of Pakistan on the third of Ramadan and the first 15 days of Ramadan witnessed slow withdrawal. “This year luxuries of very high cost were included in the list of shopping, especially clothing varieties imported from India and produced by well-known designers in Pakistan,” said Tariq Abbas, business manager at a garments shop on Tariq Road. Boutiques and big shops offered especially-designed dresses for men and women, with prices ranging from Rs80,000 to Rs120,000. A specially-prepared Sherwani costs Rs86,000 at Tariq Road. A sari imported from India costs Rs1,200,000 in the same market. “These luxuries were never witnessed in the country. The new trend has come from India where rich people indulge in huge spendings on special occasions,” said Abbas. He also pointed that Diwali coincided with Ramadan which boosted the shopping spree.