Apr 04 - 10, 2005

 

 

ABN AMRO LAUNCHES CREDIT CARD

ABN AMRO Bank unveiled the state-of-the-art Smart Chip Credit Card at a ceremony held recently in Karachi. Branded as The Future Perfect Credit Card, the product offers cardholders a wide range of unique and personalized services. This is an extension of the bank's services and follows the successful launch of ABN AMRO Van Gogh Preferred Banking, Balance Transfer Facility, Housing Finance, and Debit Card.
Mr. Naved A. Khan, Country Representative ABN AMRO Bank, said: "This marks a key milestone in our development in Pakistan and an extension of our very successful products in the Pakistani market. The

new ABN AMRO credit cards offer highly personalized services, all aiming at bringing a value addition to ABN AMRO customers."

 

 

Salman Sarwar Butt, Country Consumer Bank Head of ABN AMRO Bank was also present at the occasion. He said, "We feel proud and delighted on this successful and advanced development which has established us as a leader in chip technology as well as one of the most superior banks in the entire region. The product has been developed in line with the needs of today's customer, and the customer service shall reflect the exemplary standards which have become a hallmark of ABN AMRO Bank in Pakistan."

SONERI BANK LIMITED

The shareholders of Soneri Bank Limited approved the Annual Accounts of the bank for the year ended December 31, 2004 at the AGM held at a local hotel in Lahore on March 29, 2005. The shareholders also approved the recommendations of the Board of Directors for issuance of Bonus Shares at the rate of 30 percent i.e. 30 shares for every 100 shares held which will result in capitalization of Rs381,576,000 raising the Paid-up Capital of the bank to Rs1,653 million. The shareholders' equity will exceed Rs3 billion.

Inspite of intense competition, the results show satisfactory performance with a growth of 34 percent in deposits over the last year and pre-tax & after-tax profit showing an increase of 29 percent and 48 percent respectively over the year, 2003. The volume of trade finance business handled during the year showed increase of 26 percent over 2003.

 

 

DEWAN MUSHTAQ MOTOR COMPANY

The President of the Islamic Republic of Pakistan has conferred upon Mr. Dewan Yousuf the most eminent Civil Award, the 'Sitara-e-Imtiaz' ( the Star of Excellence) for being the 'highest Industrial Investor', on March 23rd, 2005.

Dewan Muhammad Yousuf is a prominent industrialist of the country and Dewan Mushtaq Group is one of the largest Industrial Groups in Pakistan involved in various industrial sectors. Mr Yousuf is looking after several companies of the Group comprising of Automotive, Sugar, Textile, and Cement operations.

BANGLADESH TO SELL UP TO 75% OF RUPALI BANK

Bangiadesh is to sell up to 75 percent of the shares in state-run Rupali Bank, the head of the country's privatisation commission said, outlining a move recommended by the IMF as part of financial sector reforms.

"We would invite bids from the private sector next month to offload between 51 percent and 75 percent of the shares of Rupali Bank. The process will be completed in a few months," Privatisation Commission Chairman Enam Ahmed Chowdhury told reporters.

Rupali is the third largest commercial bank in the public sector with a workforce of about 6,000 and 508 branches.