The OJSC Smolensky Bank of Russia wants to start operations in Pakistan where banking is one of the fast flourishing industries.
This was revealed by Yuri Yu. Petrushchik, Head of Financial Institutions and International Business Division, Member of the Executive Board of OJSC Smolensky Bank, who visited Karachi Chamber of Commerce and Industry (KCCI) on Monday.
Yuri said to achieve the desired goal he had visited Pakistan to meet important persons from trade, industry and other relevant sectors.
The Russian banker said ever since its inception in 1995, the Smolensky Bank was dynamically expanding its business in Russia.
The banks held a fast developing structure showed high results in basic indices. “The bank aims to further enhance its business and also enjoys global partnership with various banks around the globe,” a statement issued by the KCCI quoted Yuri as saying.
KCCI chief Haroon Agar told the Russian guests that in recent years Pakistan’s banking sector had been growing in an unprecedented manner.
He said the profitability of banks had risen to an exceptional level, credit was fairly diversified and bank-wide system risks were well-contained.
Accompanied by Zahid A Khan, Executive Director of Russian Business Council for Cooperation with Pakistan, and Mohammad Toufique Amdani, Chairman of Grupo Karim’s, Agar said the banking and financial institutions in Pakistan witnessed a productive growth and many leading international banks started their business in Pakistan.
The banks were also offering consumer-oriented products and financing schemes. The banking system in Pakistan become almost automated with facilities of e-banking, SMS banking, mobile banking and other electronic services, he added.
Micro-finance banks have also been introduced and are offering various loan products to micro-entrepreneurs on flexible conditions. The growth of banking sector is mainly due to strong prudential regulations by the State Bank of Pakistan. He articulated that if any bank from Russia will start its operations in Pakistan it will not only facilitate domestic consumers but would also help in boosting bilateral trade between Russia and Pakistan due to establishment of a direct banking channel.
