Mahinda meets Mogul Mansha

Saturday, 19 March 2011 01:56 - - {{hitsCtrl.values.hits}}

Billed as the richest and Pakistan’s first Forbes billionaire Main Muhammad Mansha, who is the Chairman of MCB Bank Ltd., and Nishat Group yesterday expressed interest in riding on Sri Lanka’s post-war boom in tourism in addition to expanding in financial services.

This optimistic view was personally conveyed by him when he called on President Mahinda Rajapaksa at Temple Trees.

MCB Bank in a brief statement said during the meeting, Mian Muhammad Mansha presented his group’s overview, and showed keen interest in participating in the economic development of Sri Lanka. Mian Mansha explained at length the innovative technologies, which are being used by his group to produce power in Pakistan and ways the same can be replicated in Sri Lanka.

Mian Mansha also said that MCB Bank has a full fledged programme to expand branch network across the island. By the end of 2011, the bank will be opening three new branches, in Batticaloa, Kurunegala and Colombo 7. At present it has four branches in Colombo and one in Kandy

Mansha also explained his interest in setting up hotels in the island, as the post conflict Sri Lanka opens up great opportunities in the tourism industry.

The Chairman of MCB Bank thanked the President for spending his valuable time in providing an opportunity to him to outline his proposals on participating in the economic development of the country.

Widely known as Pakistan’s richest man, he was inducted to Forbes magazine’s Billionaires list at No. 937 in 2010.

Mansha is the chairman of Nishat Group which holds diverse and major business interests in textiles, banking, insurance, cement, power, and aviation. Under the umbrella of textiles, Nishat Mills is the largest Textile Group of Pakistan. He has served as the Chairman of MCB since its privatisation in 1991. In 2004, he was presented with Pakistan’s highest civil award, the Sitarae - Imtiaz, for his contribution to industrial development.

MCB is one of the leading banks in Pakistan with a deposit base of Pakistan Rs. 368 billion and total assets over PakRs.500 billion. Incorporated in 1947, MCB soon earned the reputation of a solid and conservative financial institution managed by expatriate executives. In 1974, MCB was nationalised along with all other private sector banks. Its total asset base in 2010 rose to PakRs. 568 b, an increase of 11% over 2009 and Profit (before tax) of the bank reported at PakRs. 26 b, a rise of 13% over 2009.

MCB Bank Ltd. shares are traded on the Karachi, Lahore and Islamabad Stock Exchanges and its GDRs are listed on the London Stock Exchange’s Professional Securities Market as well.