Sindh Bank to be established

KARACHI :The Sindh government has decided to establish Sindh Bank, which will be a commercial venture, and the majority shares and the management will be held by the private sector.

This was announced by Sindh Chief Minister Syed Qaim Ali Shah while unveiling the budget for fiscal 2009-10 in Sindh assembly on Monday." We have finally decided to launch the Sindh Bank", Mr Shah announced followed by applause from the treasury and opposition members.

A decision to this effect had been taken last year, however, Mr Shah said, it was held back on account of global financial crisis, which also affected the financial sector in Pakistan." We have by now had deliberations with technical experts and we are convinced this initiative is needed to be taken forward", the chief minister maintained.

Highlighting the major features of the proposed bank, Mr Shah said that Sindh Bank would have a major component of micro finance and agriculture credit targeting farmers in rural Sindh and small enterprises in urban slums.

" Through this intervention, Inshaullah we would expend micro finance and agriculture credit to millions in Sindh", he said, adding that " This is a conscious decision, and we are clear that this bank has to be managed very professionally and on sound management principles.

Sindh will be the third province, which will have its own bank following Punjab and NWFP.