Alfalah was not up for sale to any foreign Bank - Saleem Akhtar, CEO Alfalah



 Mohammad Saleem Akhtar, Chief Executive Officer, Bank Alfalah Ltd, said on Monday that the bank was not up for sale to any foreign bank.
   Talking to journalists at the close of 15th Annual General Meeting of shareholders at a local hotel, he said this policy of not selling to any foreign bank had the full support of board of directors.

   He said during the last few months there were speculations in the market about merger and acquisition of Bank Alfalah, which, he said, were totally baseless. He said Arab owners of the bank were conscious of the fact that they were investing in the bank to expand its network.

   He said at present Bank Alfalah is the fifth largest bank of Pakistan and it has 23 dedicated Islamic banking branches, which is the largest network. He disclosed that the bank was planning to convert these 23 dedicated Islamic branches into a full-fledged Islamic bank by establishing a subsidiary and in this regard the central bank would be approached for an independent licence.

   He said ten years ago the number of branches was just three which has now swelled to 195. He disclosed that the bank was planning to introduce new products. He said he agreed with the views of governor SBP that banks must share their profit with the depositors.

   Earlier, the AGM was informed that the bank has posted a profit of Rs3,264 million before provision and taxation. The deposit base grew by 7.7 per cent to Rs239.5 billion against Rs222.3 billion as on 31st December 2006.

   Abdulla Khalil Al Mutawa, a Director of the bank, chaired the AGM. The foreign trade figures stood at Rs119.9 billion for imports and Rs70.8 billion for export, the gross advances figure stood at Rs152.2 billion.The AGM approved issuance of bonus in the ratio of 3 shares for every 10 shares.
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