MCB to open four branches in Sri Lanka

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MCB to open four branches in Sri Lanka

Staff Report

KARACHI: Muslim Commercial Bank Limited (MCB) would open four new branches in Sri Lanka by next year to widen its banking network as one of the largest foreign banks in Sri Lanka.

MCB Chairman, Mian Muhammad Mansha disclosed this in a meeting with Mahinda Rajapakse, His Excellency the President, at the Temple Trees in Sri Lanka.

Mansha said that the new branches would be opened in Batticaloa, Kurunegala and in Colombo-7. This, he added, would increase the number of MCB branches in Sri Lanka to 10 while the bank has already six branches operational in Colombo, Maradana and Kandy with online automated system.

The bank has established its diversifying operations in different cities of Sri Lanka, providing ATM facilities and E-Banking, to meet the challenging financial demands in an emerging economy.

MCB took over operation of Middle East Bank Ltd Colombo and has had its presence in Sri Lanka since 1994. It is one of the pioneers in Islamic Banking in Sri Lanka with full-fledged ‘Sharia” compliant system.

The bank has concentrated in growth through improving service quality, investments in technology and human resources and facilitating customers and investors in seventeen years of its operations in Sri Lanka.

Mansha informed the President that his group is keenly interested in participating in the economic development of the island. In the meeting, the chairman MCB presented his group’s overview, and in view of vast opportunities in the island, offered to invest in a number of ventures.

He apprised H.E. President Mahinda Rajapakse of innovative technologies being used by his group to produce electricity in Pakistan could be replicated in Sri Lanka provided that opportunities and facilitation are ensured by the government.

Mansha assured the President that his group has attained global level efficiency in power generation and would serve the Sri Lankan consumers at competitive rates and quality of services.

He also showed keen interest in setting up hotels in the island to provide top-class services to the tourists visiting the picturesque island in big numbers.

“The post-conflict scenario opens up great opportunity in the tourism industry for Sri Lanka as island has beautiful sites amid peace and tranquility added its worth to attract foreign tourists in large numbers,” he said.

The MCB chief thanked the President for his valuable time for providing opportunity for outlaying his proposals in participating and uplifting in the economic development of the country.

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