Lahore District Nazim Mian Amer Mahmood inaugurated 43rd branch of Pakistan Industrial Credit and Investment Corporation Limited (Picic) at Shah Alam Market here on Wednesday.
President of Anjuman Tajraan Haji Maqsood Butt and a large number of local traders and shopkeepers were also present on the occasion.
While speaking on the occasion, Mian Amer Mahmood said that the national economy had shown a remarkable progress as a result of government policies. "It was a universal truth that business was not the job of the government, but of private sector. In the past, experience of nationalisation of industries and educational institutes proved wrong for the country, which caused a major setback to the development of the country that led to a large number of socio-economic problems," he added.
According to him, in the recent years Lahore had attracted huge investment in all sectors and it was only because they provided very congenial environment to the business community. This created a room for a large number of new banks and other development activities. Due to change in policy for the installation of petrol pumps, investors were encouraged to come forward and invest. Till now 300 new petrol pumps have been installed, which created huge employment opportunities.
Earlier, Picic MD Muhammad Ali Khoja said that a proposal had been sent to the State Bank of Pakistan (SBP) seeking permission for the merger of Picic and Picic Commercial Bank. He said that after the merger it would become one of the top five major banks of the country with a network of 160 branches across the country.
He said that since inception of Picic, it has provided direct assistance to 4,327 industrial units, out of which 2,216 are located in Punjab. "In 2003, Picic started retail banking for its consumers and house finance. The organisation was prepared to solve all sort of financial problems of businessmen no matter what was their size of business," he added.
While talking to newsmen, the Picic MD said that by the end of the year two more branches would be opened one each in Karachi and Rahim Yar Khan. He averred that in 2005 Picic had sanctioned Rs 12 billion worth of loans in shape of housing, SMEs, small loans, textile, etc. "After the merger, they were planning to target Rs 50 billion figure for loaning," he added.
According to him, at present combined deposits of Picic and Picic Commercial Bank stands at Rs 75 billion, which would be taken to Rs 100 billion next year. They were also planning to open 40 more branches next year, 16 Picic and 24 Picic Commercial Bank. "Loans for cold storage, which increases shell life of vegetables and fruits, would be their next project and it would start very soon. Last year Picic earned Rs 1.4 billion worth of profit and this year they were expecting to pass that figure," he added.
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