Mr. Jose Vinals, Chairman of Standard Chartered Bank, a British multinational banking and financial services company was in Pakistan this week and talks with senior government officials to discuss matters relating to banking in Pakistan. He also called on Prime Minister Nawaz Sharif and expressed to further enhance cooperation with Pakistan.
Pakistan’s economy that posted 5.3 percent growth in the current fiscal year presents big opportunities for the banking sector which grew by 16.1 percent last year in spite of some pressure on the profit margins, including the declining interest rates and spreads.
About 80 percent of the banking assets in Pakistan are held by the private sector banks which has introduced a culture of professionalism and service orientation as against the bureaucratic nature of public sector banks.
Islamic banking has also grown at a rapid pace in Pakistan. As of June 2016, the Islamic banking assets grew to about $16.6 billion, making up 11.4 percent of total banking assets in Pakistan.
Standard Chartered bank is one of the oldest and largest international bank in Pakistan. Prime Minister Sharif appreciated the banking services offered by SCB and its continuous commitment to introducing new technology and innovative financial products, including Islamic banking in Pakistan.
The Prime Minister informed the bank chief that regulatory and supervisory framework of Pakistan is very progressive and provides supportive environment to the international investors.