According to MCB’s stock filing, the private sector bank has signed a sale purchase agreement with ISE Towers RIET Management Company and its nominee co-purchaser Infotech Private Limited.
The agreement has been reached to sell out 100 percent stakes of MCB Financial Services Limited at the share price of 32.53 per share.
The bank’s management will seek the approval from the regulatory body and its shareholders to seal the deal under the section 83 of the Companies Act, 2017.
MCB Financial Services Limited has become the second-largest collective investment scheme trustee in the country. MCBFSL Trustee with the country’s leading asset management companies taking a total of 31 funds under trusteeship and custodian of 31 custody clients.
MCBFSL was formed and incorporated as a non-listed public limited company and was licensed by the Securities & Exchange Commission of Pakistan (SECP) for business under the Rules and Regulations of the regulatory bodies of Pakistan.
The company provides custody services to various clients and Asset Management Companies for their SMA clients (Separately Managed Accounts of AMCs). This activity is undertaken separately from Trustee operations whereby dedicated staff ensures the safe custody and movement of physical securities and data. For this purpose, a proper vault and filing area is in place for the important documents.
Its core business also includes receipt and delivery of securities against payment, both in script-less and physical form.
Compliments to the Board/Management ISE Towers Management ISE Towers Company Ltd., Islamabad Owning the 2nd largest collective investment scheme trustee in Pakistan.
This will enhance the trusteeship with Custodial Services of MCBFSL which would enhance the role of REIT towards Digatlised Pakistan. Best wishes
Mcb the worst bank in Pakistan there mcb lite cards are banned by alixpress.facebook. Google . Netflix. And many other international sites. The helpline wasting time for not telling the truth in start. There seniors are not solving this issues the CEO of mcb just wasted millions of rupees of online mcb lite card users . It was seems there trick to get the money from users . The lite card deducted fees of card in start then annual 500+ fee and in the end card is useless. Just Goole MCB lite card in Goole play store. And Checj there’s bad rating because of unusable card. Once in start it works but now it’s not working on anywhere online. Propakistani should make post on this and interview the CEO of mcb . And ask these questions. Mcb helpline even just wasting time and mobile credit. 300 pkr mobile credit I wasted on it. Due just checking and checking and wait and wait. No one solved the issue and in end he said alixpress blocked. But when I try to use on Facebook it also not worked. These unsecured cards are not acceptable in international countries they should first fix the security and other international standard things. I will request to propakistani to make post on it .
Very much true man.