LAHORE: Bahria Town (Private) Limited has started the first branch of its latest venture, Escorts Investment Bank Limited, at Bahria Town Head Office in Bahria Orchard, Lahore. In the presence of a highly esteemed gathering, the new branch commenced its operation, yesterday.
Bahria Town CEO Ahmed Ali Riaz Malik, Escorts Investment Bank Chairman Zain Malik and Escorts Investment Bank CEO Naveed Amin Khawaja were present at the ceremony which was attended by the top management of both sides.
In his media interaction, Bahria Town CEO said that ‘This initiative is for the people who want to apply for housing finance in Bahria Town by building homes here. This bank will only grant loans to members of Bahria Town. We aim to promote low-cost housing. However, anyone can take advantage of our other services. We are inaugurating new branch in Karachi on February 19 and one branch in Rawalpindi.’
Escorts Investment Bank is now equity compliant and licenses have been renewed after injection of Rs1.2 billion funds into the bank. The bank has paid to all active over-due depositors along with accrued markup under the new management.
Even the stakeholders and stock market have shown strong confidence in the new management. Market capitalisation of the bank at Pakistan Stock Exchange has increased to Rs1,853,082,000 (based on share price as on February 14, 2018) as compared to the Rs428,211,000 on the date of public announcement of intention March 13, 2017.