“Growth & Development of MCB: Review of Last Two Decades”

Abstract

MCB is in it’s over 50 years of operation. MCB is incorporated in Pakistan and is engaged in commercial banking and related services. The bank is listed on all stock exchanges in Pakistan. The bank-registered office is in Islamabad and its principle office is in Karachi. . It has a network of over 1,000 branches all over the country with business establishments in Sri Lanka and Bahrain. The branch break-up province wise is Punjab (57%), Sind (21%), NWFP (19%), and Baluchistan (3%). MCB has an edge over other local banks, as it was the first privatized bank .Ten years after privatization, MCB is now in a consolidation stage designed to lock in the gains made in recent years and prepare the groundwork for future growth. The bank has restructured its asset portfolio and rationalized the cost structure in order to remain a low cost producer. MCB now focuses on three core businesses namely: Corporate Banking, Commercial Banking, and Consumer Banking. Corporate clientele includes public sector companies as well as large local and multi national concerns. MCB is also catering to the growing middle class by providing new asset and liability products. The bank's continued investment in technology has made MCB a forerunner in the area of technology led operations covering an expanding canvass. It has the highest number of automated and on-line branches, currently covering most of the first and second tier cities of the country. MCB provides 24 hour banking convenience with the largest ATM network in Pakistan covering 24 cities with over 155 ATM locations and also runs one of the two ATM switches in Pakistan. II With recently introduced initiatives like GSM Mobile Banking, Call center and card acquiring business , Funds Transfer and Bill payment options on its ATM network, MCB is expected to extend its lead as the largest issuer of Debit Cards in the country. MCB has been the recipient of the country's BEST BANK award by Euro money in years 2000 and 2001. It is also the matter of satisfaction that “PACRA, the leading rating agency of Pakistan has given MCB a long term rating of “ AA” which is one of the bets for any bank in Pakistan. MCB is also taking initiative in offering Islamic banking in Pakistan.MCB is planning to introduce “Internet- Online Banking” in coming years & it looks with confidence at year 2003 and beyond, making strides towards fulfillment of its mission, "To become the preferred provider of quality financial services in the country with profitability and responsibility and to be the best place to work”