The Bank of Punjab (BoP) has received Rs 10 billion from the Punjab government. It was stated in a meeting of the Board of Directors of the Bank of Punjab, held here on Friday. The Board approved the audited financial statements for the year ended December 31, 2008.
The delay in release of the financial statements mainly attributed to completion of arrangements to support equity of the bank by the Punjab government, being majority shareholder. The most significant and reassuring feature, that the Punjab Government has not only pledged its unequivocal enduring support but has also contributed Rs 10 billion as advance subscription money, prior to release of financial statements, towards proposed increase in the bank's paid up capital, is, indeed, a happy indication.
This lends more stability and resilience to the bank's financial health that portends promising prospects of rejuvenated operations, robustness in business continuity and much strengthened capacity for achievement of sustainable growth, diversity and all-round progress in every facet of the banking.
The board and the management of the Bank have reiterated their firm resolve and unwavering commitment to customer focus, service excellence and enhanced value creation for the stakeholders to transform the bank in to one of the premier financial institutions in the country, devoted to economic progress and prosperity.
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