Lahore: Bahria Town (Private) Limited has started the first branch of its latest venture ‘Escorts Investment Bank Ltd.’ at Bahria Town Head Office in Bahria Orchard Lahore. In the presence of a highly esteemed gathering, the new branch commenced its operation, yesterday.
CEO Bahria Town, Mr. Ahmed Ali Riaz Malik; Chairman Escorts Investment Bank Limited Mr. Zain Malik and CEO Escorts Investment Bank Limited Mr. Naveed Amin Khawaja were present at the ceremony which was attended by the top management of both sides.
In his media interaction, CEO Bahria Town Ahmed Ali Riaz Malik said that ‘This initiative is for the people who want to apply for housing finance in Bahria Town by building homes here. This bank will only grant loans to members of Bahria Town. Bahria Town aims to promote low-cost housing. However, anyone can take advantage of our other services particularly deposit schemes. We are inaugurating new branch in Karachi on 19th February and one branch in Rawalpindi.’
Escorts Investment Bank is now equity compliant and licenses have been renewed after injection of Rupees 1,200,000,000 (1.2 Billion) funds into the Bank. Escorts Investment Bank has paid to all active over-due depositors along with accrued mark-up under the new management.
Even the Stakeholders/Stock Market have shown strong confidence in the new management. Market capitalization of the bank at Pakistan Stock Exchange (PSX) has increased to Rupees 1,853,082,000 (based on share price as on 14 Feb 2018) as compared to the Rupees 428,211,000 which was on the date of public announcement of intention (13 March 2017).
New branches of Escorts Investment Bank Limited will be opened. One of these branches will be inaugurated in Bahria Town Karachi on 19th February, 2018, and another one will commence operations in Bahria Town Rawalpindi, by the end of this month.
These developments are in line with Bahria Town’s tradition of undertaking projects for the benefit of the citizens of Pakistan.