Crescent Standard Investment Bank Limited (CSIBL) stood merged with Innovative Housing Finance Limited (IHFL) to finally become Innovative Investment Bank Limited. Badruddin Khan, Administrator of CSIBL, disclosed this at a press conference here on Thursday.
He said the new owners have taken charge of the Bank. "Mahboob Husain is the Chief Executive Officer. He is a senior banker of repute with over 25 years of domestic and international banking experience. In Pakistan, Husain has worked as CEO of Escort Investment Bank and later as Director IT, Habib Bank Limited," he added.
According to him, Innovative Housing Finance Limited is a sister concern of the Innovative Global Business Group, which has a turnover of 3 billion sterling pounds and an employees base of around 600 presently operating in UK/Europe, Dubai, China and Zambia. The Group has made a significant step in to the Pakistani financial sector through a merger with the Bank to create the Innovative Investment Bank.
Badruddin Khan said the Group has provided Rs 1 billion worth equity to the bank, while the Saudi-Pak has also provided equity worth Rs 30.2 million.
He briefly explained various steps taken to protect depositor's interest. He told the newsmen that revised payment plan protects full principal amount of depositors with payment spread over three to five years in different categories. "Individuals, trust and charities and corporate depositors would also earn profit on deposits from five percent to maximum eight percent in the different categories. Profit is payable quarterly," he disclosed.
While giving the break-up of deposits, he said Rs 1.58 billion worth deposits belong to individuals, Rs 838 million to trust and charities, Rs 915 million corporate/association and 779 million government and semi-government. He opined at present six branches were operating and they were planning to open nine more branches by the end of the year.
He expressed his profound gratitude to the depositors/creditors who demonstrated exceptional courage and vision in accepting the revised payment plan which helped him in resurrecting the Bank.
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