Mian Muhammad Mansha, the richest man in Pakistan, is looking to build a banking empire in India through an expansion of his MCB Bank network, the Economic Times reveals.

Mian Muhammad Mansha, the richest man in Pakistan, is looking to build a banking empire in India through an expansion of his MCB Bank network, the Economic Times reveals. 

Mansha, chairman of the $5 billion Nishat Group, is planning the launch of at least three MCB Bank branches in Delhi, Amritsar and Mumbai. MCB Bank is one of the largest private sector banks in Pakistan with some 4.5 million clients and 1,130 branches. It operates under the Nishat Gropu, a conglomerate that umbrellas Mansha's businesses in insurance, power, textiles, cement and banking.

"As soon as the State Bank of Pakistan okays our application, it would refer the plan to the Reserve Bank of India for approval," Mansha was quoted as saying in an interview with the news service. He also added that he sees no problem with setting up branches in India because they can satisfy eligibility guidelines. 

MCB Bank is said to be the first Pakistani lender to formally apply to operate in India. Nishat Group is currently preparing to establish a cell to facilitate exchanges between the business houses of the two countries. Shahid Malik, the former high commissioner of Pakistan to India, has been hired to facilitate bilateral ties. 

Mian Muhammad Mansha has a recorded net worth of $2.5 billion.