Demerger from MCB Bank – 2024

MCB Islamic Bank Limited (“MCB Islamic Bank”), a wholly owned subsidiary of MCB Bank Limited (MCB Bank), undertook the demerger of thirty-nine (39) branches of MCB Bank. These branches were converted into Islamic banking branches and merged into MCB Islamic Bank in accordance with the Scheme of Compromises, Arrangements, and Reconstruction (“Scheme”) sanctioned by the Honourable Lahore High Court.

By virtue of the Court Order, the banking business, along with the assets, liabilities, and operations of these 39 branches, was converted into Islamic banking branches and transferred to MCB Islamic Bank. This transfer took effect from the close of business on November 15, 2024.