Karachi Chamber of Commerce and Industry’s President says that during the years, growth and turnaround in Pakistan’s banking sector has been remarkable

Karachi, June 24, 2013 (PPI-OT): Karachi Chamber of Commerce and Industry’s President Muhammad Haroon Agar has stated that during the years, growth and turnaround in Pakistan’s banking sector has been remarkable and unprecedented, the profitability of Banks has risen to an exceptional level, credit is fairly diversified and bank-wide system risks are well-contained.

Exchanging views with Mr Yuri Yu. Petrushchik, Head of Financial Institutions and International Business Division, Member of the Executive Board of OJSC Smolensky Bank of Russian during his visit to KCCI accompanied by Zahid A. Khan, Executive Director of Russian Business Council for Cooperation with Pakistan and Mohammad Toufique Amdani, Chairman of Grupo Karim’s, President KCCI Haroon Agar articulated that the Banking and Financial Institutions in Pakistan witnessed a productive growth and many leading international banks started their business in Pakistan.

The Banks are also offering consumer-oriented products and financing schemes. The banking system in Pakistan become almost automated with the facilities of e-banking, SMS banking, mobile banking and other electronic services. Micro-Finance Banks have also been introduced who are offering various loan products to micro-entrepreneurs on flexible conditions.

The growth of banking sector is mainly due to strong prudential regulations by the State Bank of Pakistan. He articulated that if any bank from Russian will start its operations in Pakistan it will not only facilitate the domestic consumers but it would also help in boosting the bilateral trade between Russia and Pakistan due to establishment of direct banking channel.

Mr Yuri Yu. Petrushchik, Head of Financial Institutions and International Business Division, Member of the Executive Board of OJSC Smolensky Bank of Russian expressed gratitude to President KCCI for providing an opportunity to apprise about OJSC Smolensky Bank of Russia. He stated that the OJSC Smolensky Bank aims is endeavouring to start operations in Pakistan.

In this connection he was on a visit to Pakistan to meet important persons from trade, industry and other sectors. He stated that ever since its establishment in 1995, and Banking Group in 2006, the Smolensky Bank was dynamically expanding its business in Russia. The banks hold a fast developing structure which shows high results in the basic indices. The Bank aims to further enhance its business and also enjoys global partnership with various banks around the globe.

For more information, contact:
M. Shafiq Baig
Public Relations Officer
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road,
Shahrah-e-Liaquat, Karachi-74000
Tel: +9221 9921 8001 -09
Fax: +9221 9921 8010
Email: pro@kcci.com.pk, pro2@kcci.com.pk
Website: http://www.kcci.com.pk/