The State Bank of Pakistan (SBP) has issued a commercial banking licence to the SME Bank Limited. The bank is expected to commence commercial banking operations by the end of 2004.
Since its inception in 2002, the SME Bank has been operating as a DFI (Development Finance Institution) for the SME sector offering limited financial facilities.
With a view to convert into a commercial bank, it commenced upon a restructuring plan in January this year. It has met all milestone regarding rationalisation of staff, branch network and financial requirements.
The bank will now install the staff and facilities that will enable it to offer full banking services to its target clientele, ie, the SME sector.-PR
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