MCB Bank Becomes The First Company From Pakistan To List On The London Stock Exchange

The London Stock Exchange today welcomed MCB Bank Limited to its markets. MCB Bank is the first company from Pakistan to list on the London Stock Exchange.

MCB Bank is the second largest bank in Pakistan in terms of market capitalisation and is the fourth largest in the country in terms of branch networks and assets. The company raised a total of $150 million through the listing of Global Depository Receipts (GDRs) on the Exchange’s Professional Securities Market.

To celebrate the occasion, the Exchange’s markets were opened by Mr Milan Mohammed Mansha, Chairman of MCB Bank; and Dr. Maleeha Lodhi, High Commissioner for Pakistan in the United Kingdom. They were accompanied by Mrs Clara Furse, Chief Executive of the London Stock Exchange.

Clara Furse, Chief Executive, said:

“We are delighted to welcome MCB Bank to the London Stock Exchange. As the first company from Pakistan to list on the London Stock Exchange, MCB Bank’s listing highlights London’s position as the market of choice for companies from across the globe seeking to access international investment capital. We hope to see more Pakistani companies join MCB Bank on the London Stock Exchange.”

From January to the end of September 2006, the Exchange has attracted a total of 93 new international companies its Main Market and AIM, from 19 different countries, and raising a total of $16.24 billion.

MCB Bank’s transaction was led by Merrill Lynch and the Pakistani investment bank KASB Securities.