Pakistan News

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  • MCB Bank in talks to buy NIB operations

    KARACHI: MCB Bank announced on Tuesday that it is interested in buying the operations of NIB Bank...

    According to a filing with the Pakistan Stock Exchange (PSX), MCB Bank and Fullerton Financial Holdings Pte Ltd (FFH) were in a preliminary non-binding discussion on a merger...

  • ‘CEO fraud’ and Bangladesh Bank

    IN a surreal digital theft that befits a high-octane movie thriller, we were recently informed of the daring heist at Bangladesh Bank in which nearly a billion dollars were siphoned off last month...

    As if this was not enough, the theft took place over several days early February through a series of about three dozen electronic fund transfers from the bank to New York Federal Reserve for a total amount anywhere between $850 million to...

  • New World Bank CEO warns against protectionism

    BEIJING: The World Bank’s newly appointed chief executive gave a spirited defence of globalisation during her first official visit to China, saying it had helped richer and poorer countries, and economic integration made it hard for any nation to walk away...

  • Bahrain's Bank Alkhair gets nod to sell stake in Pakistan's Burj Bank

    Bahrain-based Bank Alkhair said on Wednesday it had received approval from the State Bank of Pakistan to sell its stake in Pakistan's Burj Bank to a subsidiary of Bahrain's Al Baraka Banking Group...

    Al Baraka, one of the Gulf's top Islamic banks, had said in September that its Pakistani unit, Al Baraka Pakistan, would merge with Burj Bank to create an institution with assets totalling more than $1...

  • Elengy CEO offered top slot in Pakistan State Oil

    ISLAMABAD: A day after the Engro Elengy Terminal Limited (EETL) alleged unfair treatment and wrongdoing in barring it from bidding for the second LNG terminal, the prime minister approved the appointment of CEO of the company as managing director of Pakistan State Oil (PSO) on Friday...

    On Wednesday and Thursday, Mr Sheikh had accused Sui Southern Gas Company Limited (SSGCL) of “mala fides” to have rejected EETL’s bid for the second...

  • Pakistan among fastest growing e-commerce markets: eBay CEO

    Chief Executive Officer of eBay, an American Inc and e-commerce company, has termed Pakistan among the fastest growing e-commerce markets in the world...

    In a Facebook Live session on the page of the World Economic Forum (WEF), Devin Wenig was asked a question regarding his thoughts on Pakistan and emerging markets...

  • ‘Professional CEO can run Pakistan Steel efficiently’

    ISLAMABAD: The government is likely to incur a financial loss of around Rs10 billion for divestment of Pakistan Steel Mills (PSM), National Assembly’s Standing Committee on Industries and Production was informed on Wednesday...

    However, PTI’s Asad Umar and Sajida Begum were not in favour of privatisation, arguing that the plant can be run efficiently if a professional CEO is appointed...

  • Bank Alfalah declared best bank for 2017

    KARACHI: Bank Alfalah received the Best Bank Award for 2017 for demonstrating “the most significant contribution to national development and the most effective management of its resources, including its employees, clients, franchise community and financials”...

    It received the honour at the second Pakistan Banking Awards, which were jointly organised by the Institute of Bankers, A...

  • India central bank says linking national ID number to bank accounts mandatory

    MUMBAI: India’s central bank on Saturday dismissed media reports that it was not necessary to link national identity card numbers, known as Aadhar numbers, to bank accounts...

    “The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017,” it said in a statement...

  • Summit Bank eyes Burj Bank for Islamic banking entry

    KARACHI: Summit Bank has received approval from the State Bank of Pakistan (SBP) to conduct due diligence on Burj Bank, it said in a stock exchange filing, in the latest bid for the unlisted lender, which is seeking to boost capital through a stake sale...

    The acquisition of a majority shareholding in Burj Bank would fit the long term strategy of Summit Bank, which is planning to convert its operations to conform to Islamic principles...

  • Withholding tax slows down bank deposit growth: State Bank

    KARACHI: Withholding tax (WHT) on financial transactions is acting against the goal of achieving financial depth, a State Bank of Pakistan’s (SBP) report said on Friday, highlighting that for the first time since 2009-10 the monetary expansion came more from currency in circulation than the bank deposit growth...

    The campaign could not sustain despite the fact that the business community, particularly retailers and medium-sized...

  • 100m Pakistanis without a bank account, says World Bank

    ISLAMABAD: Pakistan is home to 100 million adults without a bank account, with 13 per cent adults citing religious concerns as a reason for not having account at a financial institution, a World Bank report on the use of financial services revealed...

    The ‘Global Findex Database’ said high costs turned out to be at least as important as religious concerns in each of the economies — cited by 21pc in Pakistan and 19pc in Turkey...

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