The State Bank of Pakistan (SBP) has allowed Pakistan Industrial Credit and Investment Corporation (Picic) to open 10 new branches in 2004 to expand its network in the country.
Picic sources said here on Friday that two branches have already been opened in Rawalpindi and Karachi while third one will be inaugurated at Sheikhupura on Saturday by the Federal Railways Minister Mian Shamim Haider.
They said that fourth and fifth branch will be opened at Al-Noor and Nazimabad in Karachi on October 12 and 14. The decision to open the remaining branches will be taken later, the sources added.
It may be noted that Picic, the largest private sector development finance institution, has 21 branches and the addition of these branches will expand its network to 31 by the end of this year.
The sources said that Picic has recently acquired a license for establishing a general insurance company in Pakistan and the launching of general insurance company will accomplish the ambitious plan of a making Picic a "financial supermarket."
They said the next step would be to launch a life insurance company, for which planning is underway. Picic is contemplating to start investment advisory services in all its branches.
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