The Chairman and the re-constituted Board of Directors of Saudi Pak Commercial Bank, hosted a grand event to celebrate the conclusion of transfer of ownership to the consortium comprising Bank Muscat IFC, Nomura Securities and Sinthos Capital. The dinner was attended by guests from diverse segments of the business, financial and regulatory communities.
Speaking on the occasion, Munnawar Hamid, Chairman of the BOO, thanked the investors and advised the board to steer the bank with good corporate governance and make it a sound premier financial institution. He thanked the investors and the board members for their presence and support.
Shaukat Tarin addressing the guests detailed on how the bank will be transformed as a major player based on customer centricity and product innovation in an industry where banking operations have a large scope of growth when compared to other developing markets. He emphasised the role of quality staff, excellent service and strong infrastructure for accelerated improvement and growth of the bank quoting the success achieved at Citibank, HBL and Union Bank, where he spearheaded the transformation.
Shamshad Akhtar, Governor State Bank of Pakistan, congratulated the investors and thanked them for partaking in strengthening the weaker banks in the industry. She reiterated that the growth potential in the industry given the network and product/service footprint of the existing banks is still low in meeting the needs of the bankable population.
She emphasised the need for good corporate governance and said she was confident that Shaukat Tarin has experience, record of accomplishment of successful turnarounds and the aggression to go Saudi Pak Commercial Bank as a sound and profitable organisation. Sadeq Sayeed of Sinthos Capital, speaking on behalf of the investors, explained that the marriage of local and international excellence was achieved based on the reputation of local management and the confidence of the investors in Pakistan and the potential in its banking sector.
The investors are committed to Pakistan and will infuse the needed resources, for achieving the objective of making the bank a prominent and a sustainable franchise in the country.-PR
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