Singaporean firm to invest $300 mln
ISLAMABAD, Feb 22 (APP): Temasek, owned by the government of Singapore will make an investment of $ 300 million in Pakistan’s banking sector, CEO Asia Financial Holdings Francis A Rozario informed Prime Minister Shaukat Aziz on Thursday.
Francis A Rozario, also the Chairman NIB Bank who is visiting here to attend the Euro Money Conference called on Prime Minister Aziz at the PM House today.
Rozario informed the Prime Minister that Temasek held 74 percent shares of NIB Bank and was working to acquire all financial entities of PICIC Commercial Bank.
He said his group intended to setup a universal bank in Pakistan, which will serve the middle and low-income group customers and the self-employed people. He said his group would particularly focus on lending to small and medium enterprises.
Prime Minister Shaukat Aziz welcomed Temasek’s investment in Pakistan and said it reflected the growing confidence of international community in the success of economic and structural reforms implemented by the government during the last seven years.
The Prime Minister appreciated the growing economic ties between Pakistan and Singapore and said the recently signed agreement between Gwadar Port Authority and Port of Singapore Authority would give tremendous boost to financial and industrial activities in the area.
The Prime Minister mentioned the banking industry which had been transformed from a state-owned sector to a vibrant private sector industry and needed to come up with new products and services.
He said the government’s strategy for improving investment climate in the country was multi-pronged marked by financial sector and taxation reforms, dismantling of archaic procedures, better enforcement of civil contracts and documentation of property rights, infrastructure development and consistency.
The meeting was also attended by President and Chief Executive Officer NIB Iqbal Hasan and senior officials.
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