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INTRODUCTION

Bank Alfalah Limited was incorporated in June 21st, 1997 as a public limited company under the Companies Ordinance 1984. Its banking operations commenced from November 1st, 1997. The bank is engaged in commercial banking and related services as defined in the Banking companies ordinance 1962. The Bank is listed on all the three stock exchanges of Pakistan. The Bank is engaged in banking services as described in the Banking Companies Ordinance, 1962 and is operating through 191 conventional banking branches, 32 Islamic banking branches and 7 overseas branches and 1 Offshore Banking Unit, with the registered office at B.A. Building, I.I. Chandigarh, Karachi.

Since, its inception as the new identity of H.C.E.B after the privatization in 1997, the management of the bank has implemented strategies and policies to carve a distinct position for the bank in the market place. Strengthened with the banking of the Abu Dhabi Group and driven by the strategic goals set out by its board of management, the Bank has invested in revolutionary technology to have an extensive range of products and services. This facilitates their commitment to a culture of innovation and seeks out synergies with clients and service providers to ensure uninterrupted services to its customers.

The bank perceived the requirements of customers and matches them with quality products and service solutions. During the past five years, bank has emerged as one of the foremost financial institution in the region endeavoring to meet the needs of tomorrow as well as today. To continually upgrade the quality of service to the customers, training of team members in all the integral aspects of banking, customer service and IT was specially focused.

The portfolio concentrates on all aspects of conventional banking as well as the financial needs of corporate sector. Dynamic and high value product includes Car Financing, Home Financing, Rupees Traveler’s Cheques, Credits Cards, Debit Cards, Online Banking, ATM and consumer Durables. In addition to this, Islamic Banking Division is a recent initiative, which operates as separate branch. It offers Shariah Compliant products through a network of five branches, which will increase to 50 by the coming years.

The bank is committed to combine all it s energies and resources to bring high value, security and satisfaction to its customers, employees and shareholder. The Bank has invested in revolutionary technology to have an extensive range of products and services. This facilitates commitment to a culture of innovation and seeks out synergies with client and service providers to ensure uninterrupted services to its customers.

NATURE OF BUSINESS

Bank Alfalah is a banking company incorporated in Pakistan on 21 June 1997.the bank registered office is at B.A building I.I Chandigarh road, Karachi. It is listed on Lahore, Karachi and Islamabad stock exchanges as well in the same year. The bank is engaged in banking services as describe in the banking companies ordinance, 1962. Now it’s operating in many major cities of Pakistan through 166 branches all over the nation.

ORGANIZATIONAL STRUCTURE
President (CEO)
Head of Department
Or
Senior Executive Vice President

Executive Vice President
Senior Vice President
Vice President
Assistant Vice President
Officers Grade I II III

  • Clerical Staff
  • Non-clerical Staff

Cashier Typist staff

  • Clerks & Assistants Guards
  • Other

BAL’s VISION STATEMENT

“To be the premier organizations operating locally and internationally that provided the complete range of financial services to all segments under one roof”

BAL’s MISSION STATEMENT

“To develop and deliver the most innovative products, manage customers experience, deliver quality service that contributes to brand strength, establishes a competitive advantage and enhances profitability, thus providing

value to the stakeholders of the bank”

COMPETITIVE PROFILE MATRIX (CPM) FOR BAL

  • BAL
  • HBL
  • NBP
  • UBL
  • SCB

W.

Critical Success
Factors

  • Weigh Ratin
  • W.
  • Ratin
  • W.
  • Ratin
  • W.
  • Ratin

g

  • Ratin
  • W.

Scor

  • ts
  • g

2332

Score

0.26 0.18 0.36 0.22

g

4343

  • Score
  • g

4443

  • Score
  • g

3434

Score e

0.39

1. Market Share 2. Customer

0.13 0.09 0.12 0.11
0.52 0.27 0.48 0.33
0.52 0.36 0.52 0.33
3343
0.39 0.36 0.36 0.44
0.27 0.48 0.33

Service 3. Branch Network 4. Organization

Structure 5. Management

0.10 0.12 0.09
342
0.30 0.48 0.18
433
0.40 0.36 0.27
344
0.30 0.48 0.36
442
0.40 0.48 0.18
344
0.30 0.48 0.36

Experience 6. IT infrastructure 7. Price

Competitiveness 8. Product variety 9. PACRA Rating

0.11 0.06
33
0.33 0.18
33
0.33 0.18
44
0.44 0.24
33
0.33 0.18
44
0.44 0.24

10. Expansion

Total

Global

  • 0.07
  • 2
  • 0.14
  • 4
  • 0.28
  • 3
  • 0.21
  • 2
  • 0.14
  • 4
  • 0.28

3.1
0

  • 1.00
  • 2.45
  • 3.42
  • 3.76
  • 3.65

*Key to Bank’s Acronyms:

BAL: Bank Alfalah Limited HBL: Habib Bank Limited

Interpretation of Ratings:

1: Major Weakness;2: Minor Weakness 3: Minor Strength; 4: Major Strength

NBP: national Bank of Pakistan UBL: United Bank Limited SCB: Standard Chartered Bank

SWOT ANALYSIS

BAL’s STRENGTHS

Since, inception of Bank Alfalah, it has moved rapidly in expanding branch network and deposit base, along with making profitable advances and increasing the range of products and services bank have made a breakthrough in providing premier services at an affordable cost to our customers.

Bank Alfalah has been awarded an AA- (double A minus) and an A1+ (A one plus) in the long and short term respectively by the PACRA. These rating denote very high credit quality and very low expectation of credit risk.

The main source of a financial institution is public savings in this regard public confidence plays a vital role. So, the confidence of customers is the main strength of Bank Alfalah.

In order to maintain an effective communication of information regarding the need of valued clients, bank has designed its website to be as userfriendly as possible. This facilitates to pursue the path of excellence and customer satisfaction through delivering higher quality of services, thereby adding synergy to our existing management expertise, financial strength and profitability. Hence, it’s a channel of communication for the delivery of quality products and services that enhance value to our stakeholders.

BAL’s WEAKNESSES

As per Bank policy, advertising and publicity is not extensively emphasized. Through advertisement customers could be kept abreast with the products and services.

The main focus of Bank is major cities of Pakistan. It is direly needed to extend its network and people should be educated about the functioning of bank. Since, Bank Alfalah has strong set up in UAE and Middle East, therefore, specifically those areas of Pakistan should be targeted where large numbers of people are working abroad. Hence, bank could avail an excellent deposit rate by using its annual budget specified for network extension.

BAL’s EXISTING OPPORTUNITIES

The life cycle of an organization is comprised of threats as well as opportunities. If we say, today the rates of challenges are too high but simultaneously the rate of opportunities is also high. It is mandatory to try to make progress with consistency as well as to adapt changes with the needs of time, in order to cope up with both conditions. In the prevailing scenario, Bank Alfalah could penetrate further and could capture various corporate customers in addition to the retail customers by expanding their network. Similarly 5% annual growth in the agriculture sector brings new opportunities for Bank Alfalah. It can offer new products under the umbrella of micro-financing to farmers and harvesters.

In addition to the excellent routine banking, it has earned a good name by offering special products like car financing, home financing and credit card. With the passage of time Bank Alfalah has gained trust and fair reputation among customers therefore, BAL should avail this opportunity and try to penetrate into smaller towns and rural areas where there is an increased demand for commercial banking.

Bank Alfalah has also seen increase in banking operations in its overseas branch, which is due to the fact that increased number of Pakistani residents working abroad send their money home and use various other services. BAL should take pro-active steps to introduce more focused services and better pricing to develop a loyal customer base abroad. This can later help in global expansion of the bank.

Bank Alfalah has also established its Islamic Banking division. This has attracted a large number of customers, who don’t want to deal with interest bearing banking. Therefore, aggressive approach baked by highly favorable policies by State Bank of Pakistan can offer promising results for BAL.

BAL’S POTENTIAL THREATS

While doing business, threats are part of the game. Especially, in this era, most of the financial institutions are working as Private Limited Company and facing or have a fear of threat from their competitor as well as new entrants.

In order to maintain as well as to enhance the market share, banks always try to introduce new products and services. Hence, the environment requires innovative and adaptation to the needs of customers. Though, Bank Alfalah has a strong footing and maintains a good number of loyal customers, still bank has threats in various sectors:
• In Car Financing MCB & UBL are the main threats. • In Home Financing Union Bank or to some extent NBP are threats. • In Credit cards, Bank Alfalah captured the market share of Citi
Bank and Standard Chartered Bank. Till yet the bank has no prominent threat. But, the launch of Askari Bank Master Card and Union Bank Card might be threat after some time.

Due to the aggressive policies pursued by State Bank of Pakistan, many new threats have emerged for bank Alfalah. These include the increase in discount rates; minimum cash reserve requirements and the instructions to improve the Capital Adequacy Ratios. The threat of foreign banks which are entering the market through mergers and acquisition is also critical in nature. Recently Barclays Bank started its operations in Pakistan and now followed by Bank Muscat which is consortium of many leading banks in Oman, now entering the Pakistani market through acquisition of Saudi Pak Bank. Such activities should be closely observed and proactive measures should be taken to avoid them.

GOALS & OBJECTIVES

Goals and objectives are factors through which the company’s devotion and commitment to the job can be seen. If the goals are realistic and achievable, than surely that organization is doing its job.

Bank Alfalah also has certain goals and objectives which it is trying to achieve, through its various strategies and operations. The goals and objectives are mentioned below:

  • 1.
  • To create a sound base, and through efficient systems achieve

modern banking throughout Pakistan.

2.

By the end of every accounting year there is an increase in deposits. Deposit at 2009 year end were approx. 293 Billion a targeted increase of 12.5% is expected.

3.

4.
To create unit banking network in all the branches of Bank Alfalah, the end of the year. This means that all the operations of the bank, i.e. deposits to advances, imports, exports, L/C opening, foreign currency and many more aspects under one roof, so that the customer can be facilitate in one visit.

Islamic Banking is one of the goals of Bank Alfalah though it has been initiated in the last fiscal year and it is very acceptable for general public. However, there is lot of work to do for successful implementation of the Islamic Banking Plan. In this regard the Bank is opening specific Islamic Banking Branch under the supervision of its Islamic Banking Division.

MARKET ANALYSIS

Bank Alfalah captures the market by its unique features as shown in the above diagram according to a survey conducted by THE NEWS a local news paper. Any environment which interacts with the functions and operations of a company should be properly studied and evaluated so that the environment only benefits the company rather than affecting it negatively. Like other institutions, Bank Alfalah also has a marketing effect on its functions. There are three simple segments for banks in the market

 Deposits  Advances  Competitors

1. Deposits

Depositors are the main source of profit generation for the bank. Alfalah offers depositors numbers of incentive by virtue of which they too care make same money. Alfalah relies on depositors & workers to increase their volume every year. This is evident from the fact that the growth rate increased 48.40% during 2002-03, as this growth rate is satisfactory it is a must that this environment of deposit growth should not decline.

2. Advances

Advances are basically what Alfalah give to people asking for money. If there shall be more people depositing money. There will be more asking for advances as well. Banks tend to make profit by giving advances at a rate higher than what they owe to the depositors. The difference is the banks profit. If the environment is healthy then more & more people will be asking for advances for business and other options. It is also evident from the fact that during the year 2002-03 the advances growth rate is 71.12%.

3. Competitors

Competitors should always be studied with great care, because competitors can greatly influence an organization position. Bank Alfalah has a lot of competitors because in a short span of 5 year it has achieved what not many banks had achieved. This leads to competitions. Similarly Bank Alfalah should keep a tag on the competitors move or any other new technology it is introducing, because to sustain in the micro environment, a competitor has to be viewed with a lot of care.

4 P’s

PRODUCT

Comprehensive and Diversified Product Portfolio:

With the mission to provide all-encompassing banking services to the customers, Bank Alfalah has a uniquely defined menu of financial products. Currently it is one of the most comprehensive portfolios of personalized financial solutions that are custom-tailored to serve the requirements not only of conventional customers but also fulfill the needs of the corporate sector:

 Car Financing  Rupee Travellers Cheques  Online Banking  Credit Cards  ATMs  Home Financing  Islamic Banking  Corporate and Structured Financing

Car Financing

Car Financing is one of the major renowned products of Bank Alfalah and can be utilized in terms of Financing of Used Vehicles, Loan against Car, Balance Transfer Facility, Refinancing Facility (only for Alfalah Customers) and it is characterized in terms of:

 Lowest Mark up  Lower Insurance  Quick Processing  Lower Down Payment

Home Financing

Major features of Bank Alfalah Home Financing are Lowest Mark-up, Quick Processing, Multiple Repayment Options and Free Valuation. It has been bifurcated in terms of “Home Buyer, Home Construct, Home Improver, Home Balance Transfer Facility”.

  •  Financing Limit
  • :

:upto Rs. 10,000,000/-

  • upto 20Years
  •  Tenure

  •  Equity Participation
  • :
  • 30% Borrower / 70% Bank

Rupee Travelers Cheques

Rupees Travelers Cheques are as good as cash and are accepted at the major shops, travel agents, hotels business establishments and all over the country and abroad. This service is being offered to facilitate instant fund availability to travelers and business people who used to carry a large sum of money with them.

Credits Cards

Bank Alfalah Visa Card is everywhere and globally accepted and welcomed at locations displaying the VISA logo. It is accepted at nearly 30 million merchants and 870,000 ATMs in more than 150 countries around the globe and over 10,000 establishments in Pakistan. Alfalah VISA pays for shopping, travel, entertainment, meals and much more.

Debit Cards

Bank Alfalah Limited presents Alfalah Hilal Card, the first Visa Electron International Debit Card which gives an unlimited access to current / savings account with a simple swipe, at millions of retail shops and ATMs, worldwide. The Alfalah Hilal Card comes with a host of conveniences and benefits combined with the wide reach of Visa Network enabling it to be accepted at more than 840,000 ATMs and 13 million retail outlets around the world, making it the most acceptable Debit Card available in Pakistan.

On Line Banking

To provide enhanced and value added products to customer bank is constantly striving for additional facilities. Bank provide fully automated on-line telephone banking facilities to its customers enabling them to carry out banking transactions like balance inquiries, statement requests, product information and exchange rate.

Automated Teller Machine (ATM)

The bank offers 24 hours self service banking facilities to it customers on country wide basis through deployment of Automated Teller Machine. This system allows the banking facilities such as cash withdrawals, cash deposits, funds transfer, balance inquiries and account statements. Electronic cash dispensing facilities are available in major cities of Pakistan. All ATMs are linked through a state-of-the-art Satellite Based Communication System which offers 24 hours real time service.

Islamic Banking

A separate division was initiated, which operates as separate branch. It offers Shariah Compliant products through a network of five branches, which was increase to 50 by the year 2007. Islamic Banking has launched following products with the perception that these are in accordance with the Sharia Principles.

 Alfalah Masharaka Homes  Murabaha Finance  Aflalah Car Ijarah

Corporate and Structured Financing

The portfolio concentrates on all aspects of conventional banking as well as the financial needs of corporate sector including dynamic and high value product.

 Loaning against securities  Letter of Credit  Letter of Guarantee  Demand Finance

PLACE

The bank has about 230 branches currently operating in Pakistan out of which the details of some branches are as under:

  • Sr. No.
  • Branch

KARACHI

Phone Number

  • 1.
  • Main Branch
  • 111-777-786

B.A. Building, I.I Chandigarh Road, 021-2414030-9 Karachi

2. 3.

  • Clifton Branch, Karachi
  • 021-583778-2

Korangi Karachi

  • Industrial
  • Area
  • Branch, 021-5065701-2

  • 4.
  • Muhammad Ali Jinnah Branch, Karachi 021-7750627-30

  • 5.
  • Sharah-e-Faisal Branch, Karachi

Defence Branch, Karachi Gulshan-e-Iqbal, Karach Cloth Market Brach, Karachi Jodiah Bazar Branch, Karachi North Karachi Branch, Karachi KESC Branch, Karachi
021-4313536-8 021-5374330-5 021-4984937
6. 7.

  • 8.
  • 021-2401621-26

021-7532482-84 021-698760
9. 10. 11. 12. 13. 14. 15. 16. 17.
021-2417515-9 021-2211353-8 021-7540067-68 021-2582114-16 021-4535861-2 021-7750635-9 021-4128578-81
Paper Market Branch, Karachi North Napier Road, Branch, Karachi S.I.T.E Branch, Karachi PECHS Branch, Karachi Timber Market Branch, Karachi Bahadurabad Branch, Karachi

LAHORE

18. 19. 20.
LDA Plaza Branch, Lahore Defence Branch, Lahore Township Branch, Lahore
042-6306201-10 042-5729772-6 042-5114722-23

  • Sr. No.
  • Branch
  • Phone Number

  • 21.
  • Gulberg Branch, Lahore
  • 042-5877800-8

042-5757791-2

22. 23. 24. 25. 26. 27.
Circular Road Branch, Lahore Badami Bagh Branch, Lahore Allama Iqbal Brach, Lahore Shah Alam Branch, Lahore Shadman Branch, Lahore Mall Road, Branch, Lahore
042-7638256-8 042-7708291-5 042-5432961-3 042-7673401-6 042-7538116-8 042-7350033-35

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    Silkbank Building ANNUAL I.I. Chundrigar Road, Karachi REPORT www.silkbank.com.pk WHY SILK? 111-007-455 2009 Inspiration for the name Silkbank comes from the Silk Route - a trade corridor connecting Asia to Europe and the rest of the world. Silk, known for its distinctive properties and characteristics, symbolizes Silkbank’s brand beliefs. Premium & Upscale Silk is known for class and premium quality. Silkbank is positioned as an upscale bank providing its customers with premium banking experience. Talent & Innovation Silk embodies talent and timeless innovation. Silkbank promises its customers innovative products delivered through talented staff. Strong & Reliable Silk is amongst the strongest fibres known to mankind. Silkbank derives its strength from its strong international institutional sponsors giving it credibility and reliability. Dependable Silk through the times has held its value. Silkbank driven by a team of professionals provides an optimal experience that you can depend on. Contents Vision & Mission 02 Chairman's Message 03 Silkbank Products President & CEO's Message 05 Senior Management Committee 07 Assets Corporate Information 11 Directors’ Report 15 Statement of Compliance with the Code of Liabilities Corporate Governance 23 Statement of Internal Control 25 Notice of AGM 29 Review Report to the Members on Statement of Compliance with the Best Practices of Code of Corporate Governance 30 Independent Auditors’ Report 33 Balance Sheet 37 Profit and Loss Account 38 Statement of Comprehensive Income 39 Cash Flow Statement
  • Bank Alfalah Limited SHELF PROSPECTUS for THE

    Bank Alfalah Limited SHELF PROSPECTUS for THE

    ADVICE FOR INVESTORS INVESTORS ARE STRONGLY ADVISED IN THEIR OWN INTEREST TO CAREFULLY READ THE CONTENTS OF THIS PROSPECTUS ESPECIALLY THE RISK FACTORS GIVEN AT PART 6 OF THIS PROSPECTUS BEFORE MAKING ANY INVESTMENT DECISION. SUBMISSION OF FALSE AND FICTITIOUS APPLICATIONS IS PROHIBITED AND SUCH APPLICANT’S MONEY MAY BE FORFEITED UNDER SECTION 87(8) OF THE SECURITIES ACT, 2015 Bank Alfalah Limited SHELF PROSPECTUS FOR THE ISSUANCE OF RATED, SECURED, LISTED, REDEEMABLE TERM FINANCE CERTIFICATES OF PKR 50,000 MILLION (Under shelf registration over a period of 3-years) Date and Place of Incorporation: Karachi, June 21st, 1992, Incorporation Number: 0027580, Registered and Corporate Office: B.A. Building, I.I Chundrigar Road, Karachi, Contact Person: Muhammad Zeeshan, Contact Number: +92 21 3312 2126, Website: https://www.bankalfalah.com/, Email: [email protected] Type of Issue and Total Approved Issue Size: The Issue consists of Rated, Secured, Listed, Redeemable Term Finance Certificates (TFCs) having a Total Approved Issue Size of up to PKR 50,000 million. Time Period of Shelf Registration: The TFCs shall be issued in multiple tranches over a period of three (3) years from the date of publication of this prospectus. Size of Current Tranche Series A: Issue Size of Current Tranche Series A is PKR 11,000 million (inclusive of Green Shoe Option of PKR 1,000 million), out of which TFCs of PKR 9,000 million (82% of Issue Size) have been issued to and subscribed by Pre-IPO investors and TFCs of PKR 2,000 million (18% of Issue Size), inclusive of a Green Shoe Option of PKR 1,000 million, are being offered to the general public by way of an Initial Public Offering through this Shelf Prospectus.
  • Rating Report

    Rating Report

    VIS Credit Rating Company Limited www.vis.com.pk RATING REPORT Silk Bank Limited REPORT DATE: RATING DETAILS October 16, 2020 Latest Rating Previous Rating Rating Category Long- Short Long- Short- RATING ANALYSTS: term -term term term Talha Iqbal Entity Rating A- A-2 A- A-2 [email protected] TFC BBB+ BBB+ Asfia Aziz Rating Watch- Rating Watch- [email protected] Outlook Negative Developing Date October 12, 2020 March 1, 2020 COMPANY INFORMATION Incorporated in 1994 External auditors: Grant Thornton Anjum Rahman Co. Chartered Accountants Public Limited Company Chairman of the Board: Khalid Aziz Mirza Key Shareholders (with stake 5% or more): Chief Executive Officer: Azmat Tarin (at end- June’2020) Arif Habib Corporation Limited – 28.23% Shaukat Tarin – 11.55% International Finance Corporation – 7.74% Zulqarnain Nawaz Chattha – 7.47% APPLICABLE METHODOLOGY VIS Commercial Banks Rating https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/Meth-CommercialBanks201803.pdf Page 1 of 7 VIS Credit Rating Company Limited www.vis.com.pk Silk Bank Limited OVERVIEW OF THE RATING RATIONALE INSTITUTION Silk Bank Limited Silk Bank Limited (Silk) is a small sized listed commercial bank with a market share of 1.02% (2018: (Silk) was incorporated 0.99%) in domestic deposits as at end-2019. The bank operates through 123 branches (2018: 123) as a public listed including 30 (2018: 30) Islamic branches located across the country. company in 1994. Ownership of the Key Rating Drivers: bank is shared by Arif Habib Corporation, Given sizeable accretion of fresh NPLs in the Islamic banking portfolio as has been previously Mr.
  • Standard Chartered Has a Long and Established History in Pakistan, Opening Our First Branch in Karachi in 1863

    Standard Chartered Has a Long and Established History in Pakistan, Opening Our First Branch in Karachi in 1863

    Standard Chartered has a long and established history in Pakistan, opening our first branch in Karachi in 1863. Despite this, our business was relatively limited. As recently as 2000, we had only 7 branches in 3 cities across the country. Today it is a very different story. We now have 176 branches across 41 cities and have ambitious growth plans. As at end 2007, total revenues stood at PKR 22.3 billion versus PKR 1.1 billion in 2000, assets were PKR 255.5 billion versus PKR 32 billion and profit before tax was PKR 4.1 billion versus PKR 251 million. So what has led to this turnaround in SCBP’s business? The year 2006 marked the beginning of a major transformation for Standard Chartered’s operations in Pakistan. It was during this year that the Bank announced its acquisition of Union Bank, one of the best private sector banks in Pakistan. The US$ 487 million, the largest ever transaction in Pakistan’s banking history, spearheaded the establishment of Standard Chartered Bank (Pakistan) Limited (SCBP), the first international bank in Pakistan to be locally incorporated. The acquisition effectively cemented our position as the largest and fasted growing international bank in Pakistan: we are now the 5th largest bank in terms of revenue and operating profit. In early 2007, the combined bank had 115 branches across 22 cities in Pakistan. A year later, by mid 2008, the bank has 176 branches across 41 cities. Our geographic footprint growth has led the Bank in becoming a part of the social and economic fabric of the country, positioning us to deliver on our vision of “Being the best locally embedded international bank”.
  • Standard Chartered Bank (Pakistan) Ltd. to Appoint Mr. Mohsin Ali Nathani As Chief Executive and Member Board of Directors

    Standard Chartered Bank (Pakistan) Ltd. to Appoint Mr. Mohsin Ali Nathani As Chief Executive and Member Board of Directors

    Standard Chartered Bank (Pakistan) Ltd. to appoint Mr. Mohsin Ali Nathani as Chief Executive and member Board of Directors The Board of Directors of Standard Chartered Bank (Pakistan) Ltd. (Standard Chartered Pakistan) announces the appointment of Mr. Mohsin Ali Nathani (“Mohsin”), as Chief Executive and member Board of Directors with effect from September 2010, and that Badar Kazmi (“Badar”), Chief Executive since 2003 and a member of the Board of Directors since 2006, is moving on to take another assignment within the Standard Chartered Group. Badar is being designated as Chief Executive for Saudi Arabia & North Africa, subject to regulatory approval. He moves on after a seven years association with Standard Chartered Pakistan as its Chief Executive. During his association with Standard Chartered Pakistan, Badar has led the transformation of the Bank, with the high point being the Union Bank acquisition in 2006, one of the largest FDI investments in Pakistan‟s banking industry. Standard Chartered is now the largest international Bank in Pakistan. Badar has enjoyed a distinguished career with Standard Chartered having joined the Bank in 1991. He has held various senior positions with the bank prior to his last role as Chief Executive of Standard Chartered Pakistan. His new assignment reflects the success that he enjoyed in his current role. We wish him continued success in his new role. Mohsin has been appointed as Chief Executive, Standard Chartered Pakistan with effect from September 2010, and will be based in Karachi. Mohsin will also join the Board from September 2010. Mohsin joins Standard Chartered Bank (Pakistan) Ltd from Barclays, where he is Country Head & Managing Director, Pakistan.