I am glad to learn that Sindh Bank Limited will commence operations by opening its first branch in Naudero, Larkana. On this historic occasion, I would like to congratulate the Government of Sindh and the Board of Directors and management of Sindh Bank.
It is also heartening to know that Sindh Bank plans to open five branches by January 2011 and extend its network to 50 branches, with at least one branch in each of the 23 districts of Sindh, by the end of the year.
Sindh Bank is commencing its operations at a critical juncture when a large number of households in Sindh are still reeling from the devastation caused by the recent floods and trying to put their lives together with the active help of the Federal Government and our international development partners. Such a situation hints at the role that Sindh Bank can play in the economic and social development of both province of Sindh and the rest of the country by supporting trade and innovation and entrepreneurship in the development of the agricultural, industrial and services sectors.
A great deal of improvement is required to broaden the outreach of financial services in the country. For State Bank of Pakistan, greater inclusion in the financial sector is a policy priority, since a large proportion of the population without access to financial services is a key constraint to sustainable economic growth. To this end, I hope that Sindh Bank will play an active role in broadening the outreach of financial services.
I hope that the Government of Sindh, having met all the regulatory requirements of the State Bank in obtaining a licence for Sindh Bank, will ensure that Sindh Bank will be run in a professional and efficient manner. I wish the Sindh Bank and its management all success and its endeavours.