KARACHI, Aug 29 — MCB Bank president Atif Aslam Bajwa yesterday said that two members of Maybank Malaysia, which has acquired a 20 per cent stake in MCB, will be included on its board of directors soon.
Talking to newsmen after a meeting of the banking and insurance sub-committees of Karachi Chamber of Commerce and Industry, he said Maybank purchased the shares after seeing the good reputation of MCB in Pakistan and Asia.
He said that MCB enjoys an eight per cent market share in Pakistan. The bank plans to open 30 new branches in the country during current fiscal year, he added.
Bajwa said that despite present economic crisis and rising trade deficit, the purchase by Maybank has brought US$900 million into the country.
He said that Maybank and other banking experts will also help MCB in improving banking practices and product lines including e-banking. Bajwa said that MCB is making lot of investment in improving its services and technologies.
Referring to ATMs, he said the number of ATM was still small. It will be 10 times more in next few years, he added. Replying to a question about poor services of ATMs, he said that frequent breakdown of power and telephones lines was the main cause of the poor service.
About high mark-up on credit cards and recovery of loans, he said the bank was looking into the matter. Recovery of loans is the responsibility of the bank, he added. He said that the bank was making efforts to provide quality services to customers in this hour of crisis. Bajwa said that the bank will soon launch some new products.
He said Islamic banking was first initiated by MCB in Pakistan; later other banks also started Islamic banking. He said in last two years Islamic baking has grown at a fast pace compared to conventional banking in the country.
About financing the SME sector, he said the banking sector needs to do more to cater to the needs of SME financing. About the export refinance scheme, he said the bank has to fallow the State Bank directives in this regard. — Business Recorder
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