ICIBL to start leasing services for SME sector

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LAHORE: Khawaja Naveed, chief executive officer at Invest Capital Investment Bank Ltd (ICIBL), said that the bank plans on initiating leasing services for the small and medium enterprises and car financing. Speaking to a group of journalists, he said that the bank’s administration has successfully brought the bank back to the growth track. He mentioned that the Zahidjee Group had acquired the bank’s major shareholdings and management control from July 2011 with 56.80 percent shareholdings. “By the end of this financial year, the bank plans on introducing new products from consumer banking and the SME sector,” he said.

“The bank’s administration faced an uphill task of reducing administrative costs when it had acquired the bank in June 2010,” he said. “This was reduced by executing human resource restructuring and as a result, the operating expenses were reduced by around 31 percent as compared to 2011 and 75 percent as compared to 2010.”

On the other hand, when the new management had taken over the bank in July 2011, four financial statements were pending for release, which was successfully announced by the new management, he added.

He hoped that the bank will also comply with the minimum equity requirements of the Security and Exchange Commission of Pakistan.

 

Courtesy: The News


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