Habib Bank IPO, GDR approved

Posted on 02.27.07 by StockPK Team @ 12:30 pm    

Habib Bank president Zakir Mahmood said on Monday the government of Pakistan has given green light for the issuance of IPO and GDR of the bank, authorizing the Privatization Commission to set a deadline and work out details.

Addressing a press conference on the launch of new corporate identity of the bank, he said the bank had already applied to different regulatory authorities of foreign countries to allow it to start business.

He said HBL has plans to extend its presence in key international markets, which include the United Kingdom, UAE, South and Central Asia, Africa and the Far East.

He said “we have enhanced our presence in the Gulf by raising our capital because it is one of the most competitive banking markets of the region”. Besides assuming a new corporate identity, the bank now has adopted a slogan of “vision, mission and values”, which, according to him, will help in raising the profitability of the bank.

He said from January 2007 the bank has started enhancing profit rate to its depositors. At present, 1000 branches are working 9am to 4pm and the bank’s ATMs have been doubled to extend maximum service to customers.

He said the bank will be starting state-of-the-art call centres nationwide in a few days, which will accept calls from across the country. He said the bank has doubled its lending to agriculture and lower and middle class cultivators are its special focus.

He said the bank’s new corporate identity is a reflection of HBL vision to enable people to advance with confidence and success. Moreover, as part of the bank’s new identity, HBL has adopted as new corporate brand, with a view to modernizing bank’s image.

Source: The News