Maybank raises stake in Pak's MCB to 20%

Written by Reuters | Kuala Lumpur, August 8: | Updated: Aug 8 2008, 21:35pm hrs
Malaysia's Maybank has bought another 5 per cent of Pakistan's MCB Bank for about 703 million ringgit ($213 million), raising its stake in the South Asian nation's biggest lender to 20 per cent, it said on Friday.

Malayan Banking Bhd, or Maybank, which is Malaysia's top lender, had bought a 15 per cent stake in MCB Bank for $680 million in May.

That deal included a clause whereby Maybank was obliged to buy up to another 5 per cent of MCB Bank shares within one year of the first transaction.