ZURICH : Swiss Life and Valiant are discussing a distribution partnership, which may include the insurer taking a stake in the bank. The tie-up would be a return to the banc assurance model once pursued by rivals such as Zurich Insurance and Winterthur, in which an insurer sells its products to a ...

NEW YORK  -Because the sums were large and such attacks are relatively new, the two Middle East banks hit in a $45 million (29.2 million pounds) ATM heist face an uncertain path in trying to recover their losses, financial, insurance and legal experts say.Oman-based Bank of Muscat lost $40 ...

lahore - At least seven leading banks in the country, including Al Baraka, Standard Chartered, Bank Al Habib, United Bank, Punjab Bank, Summit Bank and Industrial Development Bank have decided to forward their disputes to the Mediation Centre, set up with a view to help bring foreign investment in ...

  ABBOTTABAD     Picked in the Champions Trophy squad alongside Saeed Ajmal and part-time options like M Hafeez and Shoaib Malik, Abdur Rehman may not be a certainty inPakistan's first-choice XI. However, the left-arm spinner who last played an ODI in September 2012, said he was ...

LAHORE (PR): The role of National bank employees union is commendable to expose the flawed policies of previous management, which paved way for reinstatement of Syed Jehangir, General Secretary of National Bank of Pakistan trade unions Federation. These remarks were made by Justice (Rtd) Supreme ...

karachi - Agricultural credit disbursement by banks surged by 17 per cent on year-on-year basis to Rs 231.04 billion in the first nine months (July-March) of the current fiscal year (2012-13). “In absolute terms, disbursement of credit to the agriculture sector increased by over Rs 33.7 ...

LAHORE – Around 60 to 70 per cent of almost all commercial banks branches remained open on Sunday in provincial capital for collection of income tax from contesting candidates, besides issuing clearance certificates to those borrowers who have cleared their overdue liabilities.A bank official ...

KARACHI - Agricultural credit disbursement by banks surged by 13.21 per cent on year-on-year basis to Rs 169.42 billion in the first seven months (July-January, 2013) of the current fiscal year (2012-13). In absolute terms, disbursement of credit to the agriculture sector increased by over Rs ...

LAHORE - The single digit policy rate could not enhance private sector credit, as it registered a decline of about 62 percent despite a drop in interest rates by 4.5 percent during the period of one-and-a-half year.Banks are not passing on the benefit of cut in policy rates to the borrowers, they ...

LAHORE – At least $7 million is being smuggled out of country while several banks have made a cartel and are responsible for sudden jump in dollar value, banking sector experts told the Nation.They said that country had been receiving around $12 million per day as compared to present arrival ...

ISLAMABAD  – Different agencies of United Nations, banks, multinationals, mobile operators, embassies, NGOs and CDA have assured participation in Islamabad Expo 2013, the largest women’s exhibition in Pakistan.This was disclosed by said Naima Ansari, Chairperson Islamabad ...

KARACHI - The SBP has made it mandatory for all banks operating in the country to add at least one ATM in their network while opening a new branch. This directive has been issued to banks with a view to improving the coverage ratio of ATMs (the number of ATMs per branch) and to meet the minimum ...

KARACHI - The SBP has decided to prohibit all banks from using securities classified under ‘Held to Maturity’ category for borrowing from SBP in Open Market Operations (OMOs)/ reverse repo facility with effect from 19th October, 2012, according to circular issued SBP here on ...

LAHORE - The banking sector’s profitability came under pressure in 2Q2012, as the banks witnessed the impact of the 200bps cut in the discount rate coupled with 100bps increase in minimum deposit rate. Data shows that cumulative profits of big five banks posted a decline of 5 per centQoQ in ...

This is with reference to credit card facility being offered by the banks. A few months ago, I utilised the services of a private bank on the repeated request of the bank’s representative. The next month they sent me a bill of more than Rs300 as ‘welcome tax’. I requested the bank ...

KARACHI - Banks have surpassed the agriculture credit disbursement target for the last fiscal year (2011-12) by extending loans amounting to Rs 293.8 billion to farmers.According to State Bank of Pakistan (SBP) here Friday, the disbursement is 103 percent of annual target or 8.8 billion, more than ...

KARACHI - The State Bank of Pakistan has allowed banks / Development Finance Institutions (DFIs) to assign clean credit card and personal loan limits up to a maximum of Rs. 5 million with a sub-limit of Rs. 2 million on clean personal loans to their “Prime Customers”. According to ...

KARACHI - The State Bank of Pakistan has advised all Authorised Dealers in Foreign Exchange (Banks) to process cases of sugar export as per mechanism. Applications received after July 23, 2012 will not be entertained, says an EPD Circular Letter issued to the Heads/ Principal Offices of all ...

KARACHI  - As the financial year 2011-2012 nears conclusion, the Federal Board of Revenue (FBR) has focused all efforts to reach the Rs 1,952 billion collection target. Chairman FBR has increased monitoring of field offices on revenue collection and to remove obstacles hindering achievement of ...

KARACHI  - Developing and promoting SME sector in Pakistan is need of the hour in order to successfully meet the economic challenges being faced by the country.This was stated by Chairman Korangi Association of Trade and Industry (KATI) Ehtesham Uddin here on Saturday.He was addressing a ...

At least a security guard was killed in a series of blasts outside National Bank branches in Sindh, officials said on Wednesday.According to police, at least six other people were injured in the 15 blasts that hit Sindh early Wednesday morning. Unknown miscreants targeted ATM machines in different ...

LAHORE - With all top tiers Pakistan banks announcing their 1Q2012 results, experts have presented 1Q2012 earnings snapshot of the banking sector. The earnings growth remained impressive at 21 per cent. However, unlike last year where NII (Net Interest Income) remained the major earnings driver for ...

ISLAMABAD  – The Ministry of Religious Affairs will start receiving Haj applications from April 20 and the policy of first come first serve will continue, spokesman Hafiz Sher Ali said Wednesday. He said Haj expenditures are likely to increase this year due to inflation. Haj fares ...

KARACHI  – State Bank of Pakistan (SBP) has asked all banks/DFIs to surrender all those deposits that have not been operated upon during the last ten years, except deposits in the name of a minor, a government entity or a court of law, as stipulated under Subsection (1) of Section 31 of ...

KARACHI - SBP has once again advised all commercial banks/micro finance banks (MFBs) to desist from issuing the demonetized banknotes of Rs 5 and Rs 500 (old design & bigger size) to their customers/general public. They have also been asked by SBP to educate their customers/general public for ...

NEW YORK  - Italian Prime Minister Mario Monti dismissed news that Standard & Poor's had downgraded the credit ratings of 34 Italian banks on Friday as "mechanical.""These decisions by the rating agencies are largely the mechanical effects of previous decisions," Monti told CNBC hours ...

LAHORE – The City’s (Operations) Police Chief GM Dogar has warned the banks owners by saying all those branches of various banks would be sealed, which lack sufficient security measures. Addressing a press conference on Tuesday at his office, the Deputy Inspector General Ghulam Mehmood ...

KARACHI - The State Bank of Pakistan has again instructed banks/ Development Finance Institutions to conduct thorough Customer Due Diligence before opening of any account. It asked banks/ DFIs not to open and maintain anonymous accounts and also prohibited them to provide any banking services to ...

KARACHI - State Bank of Pakistan (SBP) Governor Yaseen Anwar has stressed upon the banks to develop an effective strategy by focusing on important areas for the sustainable growth of the SME sector.Presiding over the 4th meeting of SME Credit Advisory Committee here on Wednesday, he observed that a ...

FRANKFURT (AFP) - Eurozone banks deposited a record amount of overnight funds at the EC on Monday, official data showed Tuesday as banks remain extremely wary of lending to each other.Banks put 411.8 billion euros ($535 billion) on deposit for 24 hours at the European Central Bank, beating the ...