Mazharul Haq Siddiqui, Vice chancellor Sindh University inaugurated 33rd operational branch of the Pakistan Industrial Credit and Investment Corporation (PICIC) at Qasimabad on Wednesday. Speaking on the occasion, the Vice Chancellor said that focusing attention on less developed area by PICIC would bring measurable change in people's life.
He hoped that postgraduates of Sindh University in Business Administration would have opportunity to serve in organisations such as PICIC on merit. Earlier, outlining the major activities of opening a branch at Qasimabad, the PICIC Managing Director, Muhammad Ali Khoja said that through PICIC Qasimabad Branch the organisation had planned to cater to the financial and economic needs of small and medium scale clients and help them in their quest to move forward.
He stated that the new branch was part of the PICIC's "vision 2008", in which it has planned to provide quality financial services in all corners of the country by opening a number of branches to make the PICIC one of the leading financial institutions of the country.
He pointed out that PICIC was trying to bring its products and services at the doorstep of individual as well as institutional customers. In today's competitive world, financial institutions have to reach the customers rather than waiting for the customer to come to them, he added.
He said in the year 2004 they opened 10 branches, which included 5 branches in Karachi, a branch each in Rawalpindi and Islamabad, and three in other locations in Punjab, he said.
"Present deposit of 10 new branches is Rs 3.755 billion," he added.
He said that PICIC had acquired permission for the opening of 14 new branches from the State Bank of Pakistan and with the opening of Qasimabad branch in Hyderabad, PICIC's total number of operational branches has reached 33.
"PICIC has so far provided financial assistance of Rs 54 billion to private sector for project finance, leasing and consumer & house finance," he added.
Explaining the "financial position", Khoja said that in retail banking, PICIC has provided Rs 4.7 billion for housing finance, retail leasing & small business/investment.
PICIC plans to offer financial advisory services and retail banking in the new branch, besides housing finance, small business loans, investment loans, long-term financing, corporate financing, project financing, working capital financing, investment finance, merchant banking, etc.