KARACHI - 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.
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 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 Rs10b which was put in by the Sindh Government in October 2010.
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 up to date mark-up has been recovered from all the borrowers.
The Bank has to date advanced an amount of Rs.16.2b to various sectors of the economy. A good chunk (Rs.6.8b) 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, he added. CEO Sindh Bank also invited the President FPCCI to visit the Bank.