National Bank

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The state bank of Pakistan is the Central bank of the country and was established on July 1, 1948. The separation of East Pakistan and its repercussion in the form of economic depression has caused a lot of difficulties to the banking system in Pakistan.  The network of bank branches now covers a very large segment of national economy.  The numbers of branches have increased appreciably and there is now on branch of bank for every 3000 heads of population approximately.  There is done reasonable growth in deposits from the establishment of Pakistan.  Besides this growth, specialized credit and financial institutions have also developed over the years. 

The Government of Pakistan in the late 90’s introducing the need for the privatization of state owned banks and companies.  The private sector has accepted the challenge and most of the banks are privatized today. The State Bank of Pakistan issues the shares of these periodically.  Bank employees and other common peoples can also purchase these shares and earn profit.  Throughout the period of banking history the banks have been expanding rapidly and achieved the desired goal of progress.

THE MUSLIM COMMERCIAL BANK LIMITED

History
MCB was founded by ISFHANI and ADAMJEE families in Calcutta on July 9, 1947. MCB is not an overnight success story rather good track of services are responsible for the leaps and bounds progress.   After the partition of the Indo-Pak Subcontinent, the bank moved to Dhaka from where it commenced business in August 1948.  In 1956, the Bank transferred its Registered office to Karachi, where the Head Office is presently located.  Thus, the bank inherits a 52-year legacy of trust in its customers and the citizens of Pakistan.

CHANGE OF OWNERSHIP
The performance of MCB was badly affected by bureaucrat government.
In January 1974, MCB was nationalized by Bhutto Government following the bank act 1974 subsequently in June 1974 Premier Bank Limited merged with MCB.

PRIVATIZATION
In the late 1990 after long period of time newly established Democratic Government of Pakistan have decided to sell nationalized assets of country for better utilization.  In April 1991, MCB became Pakistan’s first privatized bank.  The government of Pakistan transferred the management of the Bank to National Group, a group of leading industrialists of the country by selling 26% shares of the bank.

In terms of agreement between the Government of Pakistan and the National Group, the group, making their holding 50% has purchased additional 24% shares. Now, 25% is purchased by the Government, which shall be sold in the near future.

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