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KARACHI: Governor of State Bank of Pakistan (SBP), Syed Salim Raza, has said
that Pakistan's banking system has great potential for further investment.
He was speaking at a ceremony held here for the launching of Silkbank Limited,
formerly Saudi Pak Commercial Bank Limited, says a SBP statement. Raza said the
performance of country's financial sector, which is largely dominated by banks,
has been outstanding throughout the current economic situation. He stated that
the banking sector has over the years nurtured itself in a way that it is able
to withstand some of the shocks it has faced in the last 18 months or so.
'The banking system is on strong footing and has long term potential, a feature
which has served to attract a substantial amount of Foreign Direct Investment (FDI)
in the sector, with established global financial institutions now active
participants in the domestic financial sector,' the Governor SBP said and added
that the banking industry is well-governed and has witnessed outstanding
financial performance during the last few years. 'With strong regulatory
oversight, there has been a significant enhancement of capital and risk-weighted
capital adequacy,' he said and pointed out that stringent loan provisioning
requirement has built sufficient reserves against the Non Performing Loans' (NPLs')
portfolio.
Raza said that State Bank always encourages customer's focus and service
standards and added: 'we have no doubts in the ability of the management of
Silkbank in delivering high levels of service through innovative products and a
pro-active service attitude.' |
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