MCB bank is looking to wind up another subsidiary, MCB Financial Management Services Limited, in the coming months after its board of directors gave the green signal to do so.
MCB has 95.90% shares in MCB Financial Management Services Limited. It will prefer to sell off the share to the interested investors rather than merging the assets of the subsidiary into the bank.
MCB Bank is working to consolidate its operations by winding up subsidiaries running in losses or giving no returns to the bank.
Earlier this month, the bank sealed the deal to sell off its shares in MCB Financial Services Limited for Rs. 89 million.
MCB Bank has already merged its subsidiary MNET Services Limited, the interbank network, into its operations and absorbed a loss of Rs. 7.5 million.
Besides these subsidiaries, MCB Bank is operating other subsidiaries such as MCB Islamic Bank, MCB Arif Habib Investments and Savings, and MCB Leasing Closed Joint Stock Company (Azerbaijan).
The bank’s management is now focusing to strengthen operations of its remaining subsidiaries through streamlining and expansion of operations for sustainable profit-making.
MCB Bank is the second most profitable bank in Pakistan.