KARACHI, May 20: The Competition Commission of Pakistan (CCP) has approved an agreement singed on May 3 to sell 20 per cent shares of the MCB Bank to the Maybank of Malaysia.

Banking sources said that the CCP has provided the required NOC in this regard.

The MCB Bank successfully negotiated with the Maybank to sell its 20 per cent shares in two phases.

At the first stage, the Maybank would buy 15 per cent shares at a total cost of $680 million and at the second stage, five per cent in the next fiscal year which would yield another $250 million for the bank.

“Now it depends on the State Bank of Pakistan how quickly the agreement takes a final shape and transaction of $680 million is completed,” said a senior banker.

The MCB Bank sold its shares at Rs470 per share which the bankers said was the best price. The MCB emerged as the strongest bank during the last five years, the era of banking boom in the country.

Analysts said by making the Maybank a strategic partner, the MCB Bank had paved the way to expand itself abroad.