The State Bank of Pakistan (SBP) on Friday granted license of Sindh Bank to provincial government. Talking to Business Recorder, President of Sindh Bank, Bilal Sheikh said that a no-objection-certificate (NOC) for setting up the bank was issued to Sindh government by the State Bank in October this year, however the NOC was linked with compliance of the regulatory requirements, which have also been fulfilled by the bank.
"After complying with the regulatory requirements, we formally approached the SBP for license of Sindh Bank in last week of November 2010 and finally on Friday (today) after evaluating the regulatory requirements, the central bank has issued license for Sindh Bank," he said.
Sindh government has fulfilled Rs 10 billion paid-up capital requirement and registration with Security Exchange Commission of Pakistan (SECP), he pointed out, adding that now we have to submit a manual and meet some other legal formalities.
He said in the first phase, Sindh Bank would start its operations within the province and in the second phase its network would be extended to the entire country. As the SBP has granted us a scheduled bank license, we will provide all types of banking services such as acceptance of all types of deposits, remittances and advance to trade, industry and agriculture. However, he said "since agriculture is the backbone of our economy special focus would be given to agri financing and the bank may introduce some new schemes for small farmers."
Sheikh said the Sindh government has planned to open 50 branches of the bank in the country by the end of 2011 with one branch in every district of Sindh province and one each in every provincial headquarter. "We will not accept any political influence and the bank would be operated on professional lines to make it a profitable institution," he added.
Chief spokesman of the SBP Syed Wasimuddin has also confirmed that the central bank has issued license to Sindh government. "It would be a scheduled bank and can provide all banking facilities," he added. Sindh Chief Minister Syed Qaim Ali Shah in its budget speech in 2009 announced setting up of Sindh Bank. The bank''s board has already been formed and Bilal Sheikh who has vast banking experience of four decades has been appointed as the first President/CEO. The board comprises Chief Secretary Sindh, Additional Chief Secretary Sindh, Secretary Finance, Jawed Mehmood, Wazir Ali Khoja and Abdul Wahab.
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