NIB Bank’s merger with and into MCB Bank comes into effect

[Lahore: 11th July 2017] NIB Bank Ltd (NIB)’s merger with and into MCB Bank Ltd (MCB) has come into effect from close of business 7th July 2017. All properties, assets, liabilities, rights and obligations of NIB now stand amalgamated and vest permanently in MCB. For now, no changes will be made to the banking services

SBP to Inspect Rupee-Dollar Exchange Rate Disaster

Division of Finance has formally asked the Governor, SBP – State Bank of Pakistan, to start an investigation into severe worsening of PKR-US$ rate of exchange in the interbank market, as of July 5th, 2017, and to give a report for this in a duration of 10 days. The investigation has been suggested from Finance

NIB Bank Exists No More!

NIB Bank exists no more. The bank industry in the country will not see NIB bank as central bank has stopped its operations and cancelled its operational and license of business from July 07, 2017, per the notification of SBP – State Bank of Pakistan. The end of the business and official operations will start

CEO & President of Telenor Microfinance Bank, Resigns!

Telenor Microfinance Bank has publicized today that Ali Riaz Chaudhry, the CEO and President, has made the decision to initiate his vocation out of Telenor by resigning from the bank. Ali will join a Digital Financial Services business in UK, by being the CEO, in London. “I am extremely thankful to Telenor and to the

NDC Announces Collaboration with Thomson Reuters To Endorse Risk Products in Pakistan

Lahore:June 03, 2017: National Data Consultant (Pvt) Ltd (NDC), an award-winning IT Service Provider to Banks and Financial Institutions in MEA, opened a collaboration with Thomson Reuters to endorse risk products in the country. Nadim Najjar, Managing Director, Middle East and North Africa, Thomson Reuters, said that Pakistan has phenomenal economic possibilities to give. The

Government of Punjab Partners with Telenor Microfinance Bank for ‘Connected Agriculture Platform Punjab’

ISLAMABAD – Jul 03, 2017: Telenor Pakistan, Pakistan’s foremost telecom and digital service provider, end to end with Telenor Microfinance Bank, has collaborated with Agriculture Department of the Government of Punjab and Punjab Information Technology (PITB) for flagship program “Connected Agriculture Platform Punjab”. The purpose of PITB is to make the most of the great

JCR-VIS Reaffirms Ratings of United Bank Limited to AAA/A-1+

JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of United Bank Limited (UBL) at ‘AAA/A-1+’ (Triple A/A-One Plus). Position on the assigned ratings is ‘Stable’. The previous rating action was declared on June 29th, 2016. Assigned to UBL, the largest private sector bank in Pakistan, the ratings incorporate the continued soundness in

SBP Asks Banks to Cooperate For Contending Cyber Threats

State Bank of Pakistan (SBP) has coordinated money related organizations (FIs) to advance joint effort at an industry level for fighting expanded danger of cyber-attacks in the managing an account framework and banking system. In this association, FIs might utilize a stage inside the business with the end goal of gathering and exchanging convenient data

PACRA Keeps Long Term AAA & Short Term A1+ Entity Ratings of MCB Bank

[Lahore: 30th June 2017] PACRA has maintained the Long-term AAA and Short term A1+ entity ratings of MCB Bank Limited.   The ratings consider MCB’s continued financial profile, imitated in a solid capitalization, stable liquidity and mix deposit base. This has been given by the able parentage of bank, where different sponsors, primarily run by

SBP Issued Rs. 342 Billion Cost of New Currency Notes During Ramzan

SBP from its 16 field offices of its secondary SBP Banking Services Corporation has given fresh of different denominations summed to Rs. 342 billion compared to Rs. 237 billion last year in Ramadan. Of the total given amount, commercial banks have received Rs. 40 billion fresh notes of small denomination for as much as Rs.