KARACHI: With the aim to customise business products, the Muslim Commercial Bank (MCB) has opened its first wholesale banking operation in Dubai.
The bank customised business products, which include business accounts as well as finance and trade solutions. MCB already had a representative office in Dubai since 2008. Last year, the bank got the green signal from the Central Bank of the UAE and State Bank of Pakistan, or SBP, for the establishment of a wholesale unit in the UAE.
Speaking on the occasion, MCB President Imran Maqbool said, “On the International front, we have a solid business strategy, long term commitment and a positive future outlook. We would like to capitalise on our balance sheet strength, our strategic alliance with Maybank (covering ASEAN countries) and our presence in Sri Lanka to bring scale and diversity to service growing trade/remittance business with the UAE. We are exploring business opportunities in Tanzania, Afghanistan, China and other regional economies to successfully navigate international expansion.”
Sheikh Nayhan Mubarak al Nahyan welcomed the opening of the leading Pakistani bank branch in Dubai and said, “It would be a good addition to the extensive and vibrant local and international banking network in the UAE.”
Pakistani Finance Minister Ishaq Dar remarked that, “The establishment of an MCB branch in Dubai would provide quality banking services to the large Pakistani community as it would help them send their remittances and avail other banking services.”
MCB Chairman Mian Muhammad Mansha said, “The bank hopes to open more branches in the UAE, subject to approval from the UAE central bank. MCB already has seven branches in Sri Lanka, one in Bahrain and one in Azerbaijan.”
