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0504004
STATE BANK OF PAKISTAN - BANKING POLICY DEPARTMENT
BPD Circular No. 13 of 2005
April 04, 2005
The Presidents/Chief Executives,
All Banks/DFIs
Dear Sirs/Madam,
ESTABLISHMENT OF SUBSIDIARIES / BROKERAGE
COMPANIES BY BANKS / DFIs
Please refer to BPD Circular No. 1 dated January 28, 2005 on the captioned
subject.
2. It has been decided to withdraw the conditions contained in Para 4 of the
said Circular, pertaining to the Board of Directors of the subsidiary.
3. Other instructions on the subject will, however, remain unchanged.
Please acknowledge receipt.
Yours faithfully,
Sd/-
(MUHAMMAD KAMRAN SHEHZAD)
DIRECTOR
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