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Rupali Bank to merge or shut down Karachi branch in Pakistan

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January 26, 2001 

Dhaka-- (UNB) – Finance Minister SAMS Kibria yesterday advised the management of Rupali Bank to merge or shut down its Karachi branch.

He questioned what profit the bank could gain over the years from Pakistan and what would be the benefit of making further investment there.

The minister made the directive while addressing zonal conference of Rupali Bank at a local hotel.

Rupali Bank opened its Karachi Bank in 1976 mainly to repatriate the assets from Pakistan, but the bank ran into trouble recently following a rule.

Pakistan central bank recently made it mandatory for all foreign banks operating in Pakistan to deposit 100 crore rupees with it.

But Rupali Bank has only 34 crore rupees in deposit, officials said, adding that the management does not feel it wise to invest more 66 crore just to operate the branch.

The Finance Minister suggested that banking abroad should be suspended and the banks should limit their activities to channeling foreign exchange and remittances.

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