KARACHI: The State Bank of Pakistan (SBP) has decided to implement International Bank Account Number (IBAN) standard in the country with a view to bringing about account code standardization and efficiency in processing of payments for domestic as well as cross border transactions. The IBAN guidelines issued by SBP Tuesday contain details for IBAN generation, [...]
KARACHI: State Bank of Pakistan (SBP) has made amendments in Prudential Regulations (PR) for corporate/commercial banking in order to provide flexibility to the banks/Development Finance Institutions (DFIs). According to the amendments made in paragraph 2 of Regulation R-7 of the above mentioned PR, the existing limit of $250,000, for issuance of unsecured guarantees by the [...]
ISLAMABAD: Khushhalibank, after unsung success story of microfinancing, has worked out new strategy to embark on short and medium term financing in the new fiscal calendar to realize multi-pronged grails of fostering economic activities, supporting the poor and addressing unemployment problem. Notwithstanding slew of economic odds, emanated from international economic recession, the bank unabatedly continued [...]
KARACHI: Country’s foreign exchange reserves have improved by $ 13 million to around $ 16.435 billion as on April 27, 2012.
WASHINGTON: Federal and state banking regulators shut down five banks across the country on Friday, bringing the total number of bank failures this year to 22, the Federal Deposit Insurance Corporation said. Two of the failed banks were in Maryland. The others were located in Minnesota, South Carolina, and California.In Maryland, regulators closed down HarVest [...]
KARACHI: Standard Chartered Bank inaugurated its flagship Islamic branch at a new location in Gulberg, Lahore. This has renewed the focus on the Bank’s Islamic Banking (Saadiq) and the newly launched Consumer Banking Islamic Customer Value Proposition. This Branch would provide added value to customers through the new Islamic Banking proposition. Standard Chartered Saadiq offers [...]
MUMBAI: In a dismal real estate market, US banking giant Citigroup on Tuesday closed the biggest commercial property deal. Citi bought six floors of office space in Mumbai’s Bandra Kurla Complex for Rs 985 crore to house its India headquarters, from a consortium led by the Purnendu Chatterjee Group.Two Citigroup entities – Citibank NA and [...]
ISLAMABAD: The Asian Development Bank (ADB) and the OPEC Fund for International Development (OFID), signed a framework co-financing agreement to fund joint projects tackling Asia and the Pacific’s pressing public sector needs. Under the agreement, ADB and OFID would invest in existing and new projects expected to help promote development in the energy, water supply [...]
DUBAI: Citigroup Inc has appointed Nadeem Lodhi as chief executive officer for its Pakistan business and the US banking giant plans to focus more on corporate banking in the country, two sources aware of the matter said. Lodhi, who joins Citi from Dubai-based private equity firm Abraaj Capital, will mainly focus on growing the bank’s [...]
KARACHI: The Meezan Bank Limited has recorded 54percent growth in its Profit-after-tax which increased to Rs. 903 million for the quarter ended March 31, 2012 as compared to Rs. 585 million earned in first quarter of 2011. A statement here on Tuesday said that the Board of Directors’ of Meezan Bank Limited in its meeting [...]
