MCB Bank Gets Court Approval to Convert 39 Branches Into Islamic Banking Entities

MCB Bank Limited (PSX: MCB) has received approval of the Lahore High Court for the Scheme of Compromises, Arrangements and Reconstruction for converting 39 branches into Islamic banking entities, the bank informed the main bourse on Tuesday. “The Scheme of Compromises, Arrangements and Reconstruction (the “Scheme”) under Section 279 to 283 & 285 of the Companies Act, 2017, between MCB Bank Limited and its wholly owned subsidiary, MCB Islamic Bank Limited has been sanctioned by the Honorable Lahore High Court, Lahore (“the Court”),” the bank said in a stock filing. MCB Bank Limited is a banking company incorporated in Pakistan and is engaged in commercial banking and related services. At the time of filing, its scrip at the bourse was Rs. 248, up 0.75 percent or Rs. 1.85 with over 214,000 shares on Tuesday.