Standard Chartered to double its business in Pakistan

Standard Chartered has announced it is looking to double its business in Pakistan; the bank is one of the longest-operating lenders in the country and posted a net profit of PKR 7.5bn ($72m) in the first nine months of 2015, up 1.3% YoY. Standard Chartered's CEO Bill Winters said the bank had an overwhelmingly positive view of Pakistan's economy where investment and capital continued to grow.





Standard Chartered Bank Pakistan is going to ‘double business’ in the country, said a press release on Monday.





Standard Chartered is one of the major and longest-operating banks in Pakistan. It posted a net profit of Rs7.5 billion in the first nine months of 2015, which was 1.3% higher than the earnings recorded in the same period of previous year.

The statement said Bill Winters, who serves as StanChart’s Group Chief Executive, had recently met Prime Minister Nawaz Sharif and his delegation in Davos, Switzerland. “They discussed the bank’s commitment to Pakistan and its leading role in economic development of the country.”

Winters said StanChart had an overwhelmingly positive view of Pakistan’s economy where investment and capital continued to grow.

“Pakistan was one of the biggest conduits for overseas capital… the bank was looking to double its business in the country,” the statement quoted Winters as saying.Published in The Express Tribune, February 9, 2016.