SBP issues licence to ICB

The State Bank of Pakistan (SBP) has issued the banking licence to ‘Industrial and Commercial Bank (ICB) of China Limited’ as the scheduled bank with effect from August 18, 2011.

In a notification, the SBP said, “State Bank of Pakistan (SBP), in exercise of the powers conferred on it by clause (a) of Sub-Section (2) of Section 37 of the SBP Act, 1956, is pleased to declare “Industrial and Commercial Bank of China Limited.” as a scheduled Bank with effect from August 18, 2011.”

The ICBC is a commercial bank. The bank provides personal banking services, including personal deposits, personal loans, bankcards, credit cards, fund investment and personal financing services.

From: Daily Times