Pakistani bank eyes converting its subsidiary NBFI operating in Azerbaijan into bank

Pakistan's MCB Bank is interested in getting a banking license in Azerbaijan, Khurram Javaid Bhatti, president of the Pakistan-Azerbaijan Chamber of Economic Cooperation (PAKAZCHAM), said in his statement to Report.

"Currently, discussions are being held in this direction. MCB Bank is one of the largest banks in Pakistan and operates as a non-bank financial institution (NBFI) in Azerbaijan," he said.

MCB NBFI was established in 2019 based on the leasing company of the same name, which has been operating since 2009. Its authorized capital is 4,284 million manats ($2.5 million). The shareholders of NBFI are MCB Bank of Pakistan, with a 99.94% share, and Chairman of the Board Ramal Jafar oghlu Jafarov, with a 0.06% share.