Bank shares overseas sale: Hamesh to give presentation before world fund managers

Bank of Punjab President Hamesh Khan on Friday disclosed that he was visiting London on the invitation of J.P. Morgan to give a presentation before world fund managers on the bank, which would be a step forward for overseas selling of the bank's shares.
He told reporters after he gave a presentation on the bank's role in providing small loans to businesswomen at a seminar organised by the Women Chamber of Commerce and Industry (WCCI) at the zonal office of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI). He said foreign investors had shown their interest in investing in the bank through the capital market.
Earlier in his presentation, he said the bank had provided small loans to 0.5 million women in the province and would enhance its limit. He also answered different queries pointed out by the seminar participants. Punjab Minister for Commerce and Investment Dr Sohail Zafar Cheema urged the banks to focus on giving loans to small traders; saying 90 percent of small traders repaid their loans. "India developed its large-scale manufacturing sector that's why the Indian population is still living in poverty. On the contrary, the people of those countries who developed their Small and Medium Enterprises (SME) sector are enjoying prosperous life. Though the United States has made tremendous development in high-tech, it still depends on those countries having an edge in SME," he said.
He went on, "No doubt, the Grameen Bank of Bangladesh has helped alleviate poverty, but its mark-up rate is as high as 23 to 24 percent. The mark-up rate should be minimum so that the small businesses could be economically viable. The banks should give priority to those wanting to set up new ventures." The minister stressed the need for development of own brand by manufacturers and said that Saga Sports, being functional since 1913, failed to establish its own brand. He said the provincial government was starting one-window system to promote investment in the province and planned to set up industrial homes in rural areas.