PACRA Withdraws Entity Ratings of MCB-Arif Habib Savings and Investments Limited
Subsequent to the decision of the management of MCB-Arif Habib Savings and Investments Limited, PACRA withdraws the Entity Ratings with immediate effect.
MCB Aif Habib Savings and Investments Limited is a subsidiary of MCB Bank Limited. MCB holds majority stake (51%) in the company, followed by Arif Habib Corporation Limited (30%). MCB Bank Limited, the fifth largest bank in Pakistan in terms of asset size, is majority owned by Nishat group, a distinguished business conglomerate of Pakistan. Arif Habib Corporation is the holding company for Arif Habib Group, a renowned group with a diverse portfolio of investments. The company is managing fifteen open-end mutual funds and two pension schemes with AUMs of ~ PKR 49.7bln as of April 2019.