Chief Executive Sindh Bank Limited meets President Federation of Pakistan Chambers of Commerce and Industry

Karachi, July 14, 2012 (PPI-OT): Mr. Muhammad Bilal Sheikh, CEO-Sindh Bank called on Haji Fazal Kadir Khan Sherani, President FPCCI to pay a courtesy call for extending him the heartiest felicitations in his new office though belatedly because of his ex-Pakistan leave of about one month and the President FPCCI’s preoccupation within and outside the country.

He apprised that Sindh Bank though incorporated in 1995 as a provincial bank by the Sindh Assembly could not take off, as such this issue was taken up by Sindh Government in 2008 with the State Bank of Pakistan for granting them a licence for a scheduled commercial bank to operate all over the country instead of being a provincial bank restricted to Sindh Province only.

The State Bank took a long time of two years to grant them a scheduled commercial banking licence to satisfy themselves with the compliance of all Prudential Regulation, particularly the paid-up capital of Rs.10 (B) which was put in by the Sindh Government in October 2010.

Sindh Bank started its commercial operations by opining its first Brach in Naudero on 26.12.2010 which was inaugurated by the Honorable President of the country.

Sindh Bank was granted licences of 50 Branches in April 2011 to be established during 2011 which were successfully accomplished and the State Bank after satisfying themselves granted licences of another 110 branches to be opened during the year 2012 and till date Sindh Bank after complying with all the regulatory requirements and following the Sindh Public Procurement Rules, 2010 has opened 30 Branches making a total of 80 Branches as on 30.06.2012, whereas the remaining 80 Branches are being renovated and would be operational before the end of 2012 in all the provinces of the country.

President Sindh Bank further informed that the Bank had earned an operating profit of more than Rs.1.14 (B) during the year 2011 and more than Rs.500 (M) during the first half of 2012 and Inshallah will cross Rs.1.5 (B) for the year ending 2012 upon opening of further Branches dealing in foreign exchange.

CEO, Sindh Bank apprised the President FPCCI with a note of satisfaction that till date not a single loan has been classified as non-performing and upto date mark-up has been recovered from all the borrowers. Today’s deposit position is Rs.24 (B) out of which Rs.9 (B) has been placed by Government of Sindh whereas the remaining Rs.15 (B) is from private sector which shows the confidence of the general pubic in Sindh Bank.

The Bank has to date advanced an amount of Rs.16.2 (B) to various sectors of the economy. A good chunk (Rs.6.8 (B)) is secured by the GoP’s guarantee while the rest is secured by pledge of stocks and/or landed properties. Sindh Bank offers various attractive deposit schemes and loan facilities. Salient among them are:

Agriculture loans for small farmers in the form of Benazir Zarai Card Scheme.

Sindh Abadgar Tractor Loan Scheme.

Loan for SMEs /Women Entrepreneurs.

Interest free student loans for completion of post graduation.

CEO Sindh Bank invited the President FPCCI to visit the Bank at his convenience in the near future.

For more information, contact:
Syed Masood Alam Rizvi
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Karachi-75600, Pakistan
Tel: 0092-21-35873691, 93-94
Fax: +9221 3587 4332