Habib Allied International Bank set up in UK
State-run Habib Bank and partly privatized Allied
Bank have set up Habib Allied International Bank that would take over
their business in the UK from January 1, 2002.
In future, the bank can also open branches in the
countries constituting European Economic Commission with the approval
of the UK authorities.
The two banks signed the shareholders agreement on
Tuesday at HBL head office, says a press release. HBL president Zakir
Mahmood and ABL president Khalid A. Sherwani signed the agreement on
behalf of their banks. State Bank deputy governors Rashid A Chughtai
and Taufiq Husain were also present at the occasion.
"The primary objective of selecting United
Kingdom is the importance of London as a major world financial centre
and presence of substantial Asian community in the UK," says the
"Furthermore both HBL and ABL have long
historical presence in the UK." HBL has been operating in the UK
for more than 39 years and ABL for 23 years. "The focus of the
partnership is to provide high quality saving products and banking
services to the worldwide Asian and African communities with business
or family connections in the UK. It aims at establishing as a market
leader in trade finance for UK/Pakistan trade and for trade between
the UK and other countries where HBL is represented." HBL
overseas presence covers 26 countries.
According to the press release, Habib Allied Bank
has been incorporated with an initial paid-up capital of 25 million
pounds — subscribed as to 90.5 per cent by HBL and 9.5 per cent by
The bank will take over the existing operations of
six branches of HBL and four branches of ABL. The board of directors
will consist of maximum 10 members — nine from HBL and one from ABL.
5pc more NBP shares to be off-loaded
The government has decided to offer an additional 5
per cent government shares in the National Bank of Pakistan (NBP) to
accommodate applications for a total of 37.3 million shares, which
have been oversubscribed.
The Privatization Commission (PC) received
overwhelming response from the public for this offer and received
27,546 applications for 103 million shares amounting to Rs1.04
billion, which, according to the PC, indicates the public confidence
in the government's privatization programme and economic policies.
Top mly officials review border situation
The top-brass of armed forces met on Monday and
decided to substantially increase troop deployment both along the Line
of Control and the international border to foil any aggression by
The chairman, Joint Chiefs of Staff Committee, Gen
Muhammad Aziz, presided over the meeting at the staff headquarters in
Chaklala to discuss what was termed a very alarming situation created
by massive military buildup on borders by India.
The three services chiefs, Vice Chief of the Army
Staff, some Principal Staff Officers and key officials of the defence
ministry attended the meeting.
Sources said the meeting decided to substantially
increase the number of troops as well as military equipment along the
LoC and the international borders. Instructions to this effect were
issued to the concerned quarters immediately after the meeting.
2 leasing companies licence cancelled
The Securities and Exchange Commission of Pakistan
(SECP) has cancelled the licence of two leasing companies for their
inability to raise paid-up capital to Rs200 million as required under
An SECP announcement said on Monday that it has
decided to "cancel the licence to undertake leasing business of
two leasing companies, namely Asian Leasing Corporation (ALC) and
English Leasing Limited (ELL) owing to the violation of rule 7(3) of
the Leasing Companies (Establishment & Regulation) Rules
POL prices fall yet to reflect in utility bills
Benefits of steep fall in petroleum product prices
since beginning of October has yet to be reflective on energy and gas
rates which continue to be high for all segments of consumers,
including domestic and industry.
While increasing energy and gas prices the
government on many occasions took the plea that this is being done due
to higher international prices of crude oil.
However, major reduction in petroleum prices after
October 1, 2001, has not registered sympathetic fall in power and gas
rates which continue to be at post-October 1, 2001 level.
NCSS goes into operation
All the three stock exchanges of the country got on
the National Clearing & Settlement System on Monday. The news was
broken by Securities and Exchange Commission of Pakistan Khalid Mirza
at a press briefing early in the day.
The NCSS would be implemented in phases and
initially two shares — Indus Motors and B.R.R. Modaraba — have
been put on it. The number of the shares to be inducted on the NCSS
would be increased in phases, said Mirza, adding it would take some
time, say 4-6 months, before all the stocks were put on the newly
introduced unified clearing system.
Pakistan to give Rs6bn to Afghanistan
Pakistan announced on Saturday Rs6 billion for
reconstruction projects in Afghanistan and humanitarian assistance.
"With generous international assistance in sight , the people of
Afghanistan can look forward to an end to their travail,"
President Gen Pervez Musharraf said in his message to Hamid Karzai,
the new head of Afghan interim government.
Pakistan will also reopen its embassy and
consulates in Afghanistan as soon as administrative arrangements are
finalized through mutual consultations.