Corporate corner: Burj Bank to be supervised by NBP

KARACHI:

In August, 2014, the Karachi Stock Exchange issued a notice on their website announcing that crucial matters of Burj Bank Limited (one of the Pakistan’s leading five Islamic banks) will be supervised by the National Bank of Pakistan (NBP). In its notice issued to KSE, NBP stated that the State Bank of Pakistan (SBP) had permitted National Bank to supervise matters concerning Burj Bank. Sources verified that NBP is taking the necessary measures and the process will be complete shortly. NBP is the largest public sector bank in Pakistan having 1,350 online branches while Burj Bank has a network of 75. Burj Bank is supported by the distinguished entrepreneurs of Middle East and Saudi Arabia’s ICD Jeddah (investors in the private sector of Islamic Development Bank).

Published in The Express Tribune, December 31^st,  2014.

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