Pakistan Industrial Credit and Investment Corporation (Picic) has obtained a permission from Security and Exchange Commission of Pakistan (SECP) for setting up a general insurance company in the country by the end of March 2004.
Mohammad Ali Khoja, Managing Director Picic, stated this while talking to APP here on Monday. He said that Picic has already appointed a chief executive for Picic Insurance Company, which will undertake all insurance business except life insurance.
Similarly, the Picic will merge its 13 acquired lop Mutual Funds Lot-B into one mutual fund in the month of April 2004.
"We have planned to launch two more close-end mutual funds worth Rs 1 billion each by end of current year. One of the mutual fund will cater to the investment needs of pensioners widows and senior citizens," Khoja said.
Giving details about his deliberations with the field staff including chiefs of various products, zonal managers, managers from all over the country at Picic "Spark" conference 2004 on Sunday, he said that it was very successful.
"I have tried to motivate the Picic staff at the grassroots level for creating comprehensive awareness about our new products, he added.
He said that it was a mega event to motivate the field staff which is the key person in introducing the Picic's existing and new products to the valued customers all over the Pakistan.
Khoja pointed out that Picic is the largest private sector development finance institution (DFI) with an equity of Rs 3.34 billion.
He said that Picic has sanctioned Rs 7.5 billion for various industrial sector projects under long-term financing during the period ended June 30.
Similarly, Picic has provided Rs 3.495 billion under working capital financing during financial year 2003 (18 months).
Talking of the leasing business, he said that Picic has provide lease financing worth Rs 415 million under 300 contracts till December 31.
Picic's deposits have also grown from Rs 6.715 billion on June 30, 2002 to Rs 9.221 billion in June 2003, showing a rise of 37.30 percent.
Referring to the consumer banking, he said the Picic has sanctioned Rs 249 million under housing finance and Rs 198 million small business loans.
Khoja said the Picic has revived 25 large size sick industrial units, creating 7,000 jobs in the country.
SPARK CONFERENCE 2004: Picic held "Spark" conference 2004 on Sunday to motivate its staff at the grassroots level and create comprehensive awareness about its new products.
Managing Director Picic Mohammad Ali Khoja addressed the conference and briefed them about the launching of new products by Picic in the times ahead.
Fields staff including chiefs of various products, zonal managers, managers from all over the country attended the conference.
Heads of various departments of Picic submitted their progress report at the conference and exchanged views on management matters with 'the senior management of Picic.
Lahore and Islamabad branches received best branch trophies and cash award from Picic chief Khoja.
The participants of the conference also visited the Mazar of Quaid-e-Azam to pay homage to the Founder of the Nation. They laid floral wreaths and offered Fateha.