Maybank raises stake in Pak's MCB to 20%

Aug 08 2008, 16:05 IST
Comments 0
SummaryMalaysia's Maybank has bought another 5 pct of Pakistan's MCB Bank for about 703 mn ringgit.

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.

Ads by Google

More from World News

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...