Karachi, July 03, 2006- MCB Bank Limited (formerly known as Muslim Commercial Bank Limited) (“MCB”) is contemplating raising fresh equity capital, in the form of GDRs, to be listed on the London Stock Exchange. A consortium of Merrill Lynch and KASB has been mandated to place the issue with institutional and retail investors outside Pakistan.

MCB is one of the largest commercial banks in Pakistan, with an asset base of around USD 5.0bn and a deposit base of over USD 3.8bn. With a market capitalization of over USD 1.7bn, MCB is the second largest listed bank on the Karachi Stock Exchange and is one of the most actively traded stocks. Based on its market position, potential for growth, profitability and management quality, MCB has been receiving the Euromoney Award for Excellence for the ‘Best Bank in Pakistan’ for five out of the past six years.

Since its privatization in 1991, MCB’s major shareholder has been the Nishat Group, the largest and one of the oldest business conglomerates in Pakistan, having substantial interests in cement, textiles, finance and insurance. MCB has been an active contributor and beneficiary of the economic and social development of the Pakistani nation. Its 9,000 employees operate through a network of 946 branches servicing thousands of institutional banking clients and 4.1m account holders.

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