KARACHI (January 17 2010): National Bank of Pakistan (NBP) is going to open its branch in Saudi Arabia within next four to six weeks aimed to extend bank branches aggressively throughout South Asia, Middle East and Central Asia. Addressing journalist community at Karachi Press Club on Saturday Syed Ali Raza President and Chief Executive Office of NBP said the size of the NBP balance-sheet is all set to cross one trillion rupees mark sometime next year.

Raza was there on the invitation of Karachi Union of Journalist (Dastoor) to felicitate the newly elected office-bearers of KPC. Raza announced opening of NBP branch in Saudi Arabia and elaborated that Pakistan was among six countries, which have acquired branch opening licences in that country recently.

"The opening of branch in Saudi Arabia is part of our policy decision, which we took in 2002-03. That decision was aimed at opening bank branches aggressively throughout South Asia, Middle East and Central Asia," he said, adding that, "We have successfully implemented our policy line in letter and spirit, as we have developed an effective network of branches and franchises in the regions. We are maintaining branches in as many as 26 countries across the world."

Raza said currently Pakistan's tax-to-GDP ratio is at very low level due to an undocumented economy and to enhance the ratio every Pakistani should perform its role in the development of the economy and pay taxes to make it documented.

Explaining as to why NBP chose to establish its presence in different regions of Asia, Raza said the bank had calculated in advance the transformation of 'center of gravity' of businesses from West to the East. The 18-month old economic recession has badly hit the West and now Asia held the power to shape the future of world economy.

He said the current size of bank's balance-sheet stands at Rs 980 billion, which was just Rs 20 billion less from hitting the one trillion rupees volume. This year the bank is celebrating completion of its 60 years of serving the nation since its creation in 1949. Now, the US and Europe are running their financial matters on the government supports.

Pakistan has a great role to play, as this is the gateway to Central Asia and Middle East. Besides, it has great human and natural resources. "The end of war against terrorism and the return of peace in the region would kick off great business deals from here, as the end of Vietnam War helped Far Eastern countries in reviving their economies in the past," he said. KPC President Imtiaz Khan Faran, Vice President Amir Latif, Secretary A H Khanzada and KUJ President M Arif Khan also spoke on the occasion. Later, Raza was presented a shield, traditional Sindhi cap and ajrak.

Copyright Business Recorder, 2010