Tuesday, November 13, 2007

Crescent Commercial Bank Limited

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. Following this investment by Samba, CresBank has emerged as one of the highest capitalized banks in the country with a paid-up capital of PKR 8.769 billion.
Samba is Saudi Arabia’s premier financial institution with a market capitalization of approximately US$ 23.3 billion and shareholder’s equity of US$ 4.1 billion. Samba enjoys one of the highest credit ratings by S&P, Fitch, and by Capital Intelligence. The Saudi banking group offers varied banking and investment services with a commitment to providing innovative financial solutions of the highest quality and delivering superior returns to its investors. CresBank will benefit immensely from the balance sheet strength and strong profile that Samba provides.
CresBank is listed on all three bourses of the country namely Karachi, Lahore and Islamabad. The bank currently has a network of eighteen branches, eight located in Karachi, five in Lahore, two in Islamabad, and one each in Peshawar, Sialkot, and Faisalabad.






Contact



Head Office Address :
Crescent Commercial Bank Limited
5th & 6th Floor, Sidco Avenue Centre
Maulana Deen Mohammad Wafai Road
Karachi - 74000
Pakistan

Phone: 92-21-4322167,4322110
UAN: 111-999-333,111-11-2737
Fax : 92-21-4322109
Webside: http://www.cresbank.com

1 comment:

Mary Popins said...

Hello, I find your blog is very interesting. I have changed a lot of banks so far. Those that were satisfactory I can count on the fingers of one hand. Crescent Bank is one of them. The company offers the best conditions possible for deposit and current accounts. From www.pissedconsumer.com I found a lot more about the bank. Check out the site and you will be pleasantly surprised.