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MCB Privatization — A success story

Published on 18th Jan, Edition 03- 2016


Management protects employees’ rights
The resilience and hard work of employees of all ranks of MCB Bank Limited have proved that privatization has brought a paradigm shift in services, infrastructure, technology and contribution to national exchequer while increase in number of satisfied customers is also a testimony in this regard, Riafat Khan Jadoon, President MCB staff union said.
Millions of households also progressed with the successful privatization of MCB. “The number of employees working in MCB Bank has increased from 8,000 to over 20,000; assets and deposits have grown by 20 times; and it has contributed over Rs100 billion to the national exchequer on account of taxes since its privatization,” Jadoon added.
It has been assigned the best rating among all domestic banks by reputable foreign and local rating agencies. Its profitability has increased by 170 times after privatization, which makes us proud for being an important part of the overall success. “The Bank has also ensured many fringe benefits and we will not allow anybody to harm our source of income. Our prosperity is directly dependent on the progress of the bank.”
The Bank since its privatization has been committed to create a progressive environment and protected employees’ rights as provided by the Constitution of the Islamic Republic of Pakistan.
He said that it is strange to see a media campaign against the Bank’s privatization after 24 years and even more strange and questionable seeing the Bank’s successful performance after privatization.
Those with vested interest do not realize that it’s not only the management of the Bank that they are trying to defame but the country also suffers due to their irresponsible attitude as Bank has foreign investors being listed in London Stock Exchange, the investor sitting abroad is disturbed not only considering his stakes but taking Pakistan out of its investment priorities.
He said government should also take the employees on board and hear their voices. The success of the Bank is itself a testimony of the fair and transparent privatization.
Employees of the bank feared that some vested interest for their own sake of interests are misusing their position as public representative specially Mr Saeed Ghani now a senator formerly an employee of MCB.


Riafat Khan Jadoon said that Senator Ghani, once employee of MCB has a criminal case pending against him in which he physically assaulted a senior officer of the Bank just to gain political mileage, Mr Ghani was not only sacked but when approached even the Supreme Court refrained him from coming near the MCB branches.
“The acts of Mr Ghani, are undoing the untiring efforts of the bank employees to make it a reputed institution and causing loss not only to a very prime institution of this country and its shareholders but to its employees and their families as well. In the garb of doing some service to the country he is trying to advance his own agenda at the cost of national economy.”
“Senator Saeed Ghani is taking advantage of his seat in Senate while achieving personal agenda against MCB Bank which is hurting the Bank’s employees as they are stressing out due to uncertainty of their future.”
He further said such people want to create law and order situation in the country by agitating employees to come out on the streets and stage protest so that they can destabilize the peace and harmony of the country.
“We urge Chairman Senate Raza Rabbani to take notice of such persons who are playing with the jobs of thousands of employees for his personal gains,” added Riafat Khan Jadoon.


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