MCB Bank Limited (MCB), one of Pakistanís most progressive and dynamic financial institutions, signed a Memorandum of Understanding today with ABAMCO Limited, Pakistanís premier asset management company.
The signing of this MOU will lead to MCB and ABAMCO pioneering the concept of White Label funds in Pakistan. MCB will use its extensive distribution expertise to market and develop funds for its unique customer needs while the fund would be managed by ABAMCO Limited.
MCB has a rich history that spans over 50 years. With a network of over 900 branches in 40 cities across Pakistan and over 225 ATMs, MCB is one of the largest banks in Pakistan. With 85 percent of its branches automated MCB is also the front runner in technology and innovation.
MCB has received the Euromoney award four times in the last five years and is the only bank to earn such successive distinction. MCB won the "Best Bank in Pakistan" in 2005, 2004, 2003, 2001, and in 2000 the "Best Domestic Bank in Pakistan" awards. In addition, MCB also has the distinction of winning the Asia Money 2005 & 2004 awards for being "The Best Domestic Commercial Bank in Pakistan".
ABAMCO, part of the JS Group, was the first private sector asset management company in Pakistan. Incorporated in 1995, the company manages 9 mutual funds in with a total asset base of approximately Rs. 17 billion.
ABAMCO launched the Unit Trust of Pakistan, Pakistanís first open end fund in the private sector in 1997. UTP Islamic Fund was the first Shariah compliant mutual fund in Pakistan and was launched by ABAMCO in 2002. ABAMCO also launched UTP-Income Fund and acquired 12 ICP funds in 2002. After restructuring the ICP funds in 2004, ABAMCO launched ABAMCO Composite Fund, which was the largest closed end fund ever to be launched in Pakistan, with a paid up capital of Rs. 3.3 billion.
In June 2005, ABAMCO launched the UTP-Aggressive Asset Allocation Fund, which has shown an NAV appreciation of over 35% over the quarter ended September 30, 2005, whereas the KSE-100 index increased by 10.41% during the same period. Also in June 2005 the company launched Pakistanís first free float adjusted market capitalization Index.