MCB Bank launches wholesale banking branch in Dubai

05/07/2015 03:43 AST

MCB Bank, one of the leading banks in Pakistan, has opened its first Wholesale Branch Banking operations in Dubai.

The inauguration was performed by Ishaq Dar, Pakistan’s Finance Minister and Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Culture, Youth and Community Development, along with Mian Mohammad Mansha, Chairman of the Bank while a large number of local as well as international dignitaries were present.

Ishaq Dar, Finance Minister in his speech termed the opening of the branch in the Dubai as a sign of country’s strong banking sector.

“Currently the financial situation in Pakistan is much better than the general elections of 2013 as all the credit goes to Prime Minister Nawaz Sharif to adopt deep rooted initiatives are producing the fruits. The interest rate in the country is 42-year low is encouraging foreign direct investment while the growth rate is also improving while the ratings from top international agencies showing that the economy in Pakistan is on the right track,” he said.

About the economy of Pakistan he pointed that the current government has fulfil all the commitments to pay every single payments to international banks to honour the promises made by the previous government.

He mentioned that the government is working hard to solve the energy crisis as a number of power projects are near completion in next two years while a couple of major power producing projects to use nuclear, solar, wind and coal are on track to be completed beyond 2018.

He praised and said that Sheikh Nahyan Mubarak Al Nahyan is a good friend and brother of Pakistan and has a lot of interest in Pakistan.

Pointing the inauguration of the MCB Bank’s Wholesale Branch Banking operations in Dubai, Dar added that they are looking forward to see more Pakistani banks to set their foot in Middle East and beyond especially where the overseas Pakistanis are residing. “Growth in banking sector in Pakistan is remarkable especially in the last decades in which the sector not only a survived the turmoil of international financial crisis but also showed strong performance to lift up by very strongly and positively. Our banking sector has resilience, experience and expertise to overcome all the problems and provide best services,” he said.

Imran Maqbool, President MCB Bank while highlighted the history of bank in the Pakistan said that the MCB has maintained a solid and stable presence in Pakistan since August,1948.

“As one of the leading banks in Pakistan and with the highest market capitalisation, MCB is known for its quality banking services, technological development, and professional management. Reputed a sound financial institution, MCB enjoys a wide branch network in Pakistan (1244 branches), with a large customer base across the nation.

The Gulf Today