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Bank of Khyber plans to expand branch network

Bank ofKhyber plans to increase its number of branches in Pakistan to 200by the end of 2018 from around 130 currently, Daily The Pak Banker reported May 6, citing Ali Nawaz Gilani, the bank'ssenior vice president and head of marketing.

The bank's current network includes more than 66 Islamicbranches, Gilani said. He added that the lender plans to open 20 more branchesin 2016, with the majority operating on a Shariah-based model.

Further, the lender looks to raise its deposit base to morethan 200 billion rupees by the end of 2018. Bank of Khyber is alsoconsidering setting up a branch in the United Arab Emirates. Gilani said thelender may first set up a representative office in the UAE, likely in Dubai,and then upgrade the office to a full-fledged branch.

As of May 6, US$1 wasequivalent to 104.68 Pakistani rupees.