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Silkbank to open more than 200 branches over next 2 years

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Silkbank to open more than 200 branches over next 2 years

SilkbankLtd. plans to bolster its distribution footprint through theaddition of more than 200 new branches over the next two years, as well as thelaunch of smart and full-service branches,The News International reported Oct. 6, citing an interview with the bank'spresident, Azmat Tarin.

The bank plans to add 60 new branches in the next 12 monthsand more than 200 additional branches over the next two years to bring itsbranch count to 250 by the end of 2018, Tarin said. The lender is also lookingto expand its distribution footprint by launching smart and full-servicebranches, which will primarily focus on Islamic banking.

The president noted that Silkbank's strategic plan for comingyears focuses on lowering costs of funds and improving the lender's depositmix. He added that the bank is looking to reduce its nonearning assets bybetween 8 billion rupees and 10 billion rupees by the end of 2016, as well assell its owned properties to accrue capital gains.

The lender is also keen to tap the rising demand for sukukthrough its Islamic division, which Tarin believes is well positioned to issuegovernment-sponsored bonds and provide conglomerate financing, advisoryservices and investment banking solutions.