Crescent Commercial Bank Ltd.

• Public
• PK

Dow Jones Description

Crescent Commercial Bank Limited ("CCBL" or "CresBank") is a scheduled commercial bank, licensed by the State Bank of Pakistan ("SBP") under Section 27 of the Banking Companies Ordinance 1962. The bank was incorporated on November 12, 2002 with its registered office in Karachi. CresBank was formed as a result of an agreement between Crescent Investment Bank Limited ("CIBL") and Mashreqbank psc ("Mashreqbank") for the amalgamation of CIBL and Mashreqbank's Pakistan operations into a new banking company. The amalgamation took place on July 9, 2003 under a Scheme of Amalgamation approved by the respective shareholders and sanctioned by the SBP under Section 48 of the Banking Companies Ordinance 1962. On March 30, 2007 Samba Financial Group ("Samba") acquired 68.4% of CresBank by subscribing to six hundred million new ordinary shares for a consideration of PKR 6.0 billion. CresBank's Board has been reconstituted to appropriately reflect the change in the bank's ownership. CCBL's new Board of Directors bring immense banking and business judgment, strong knowledge of the global banking industry, and a deep understanding of the opportunities and challenges faced by the bank. The expertise and vision provided by the new Board will help guide the bank towards long term sustainable growth that will deliver superior returns for stakeholders and benefit the institution and country as a whole. ...

CEO, President

Number of Employees 24

Contact Information

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