June 19, 2003	Thursday	Rabi-us-Sani 18, 1424

KARACHI, June 18: President and chief executive officer, KASB Bank, Rahim Khanani, on Wednesday said the prime focus of his bank was small and medium enterprises, which would be approached by direct marketing.

Speaking at the Karachi Chamber of Commerce and Industry here along with KASB Bank chairman Nasir Ali Shah Bukhari, Mr Rahim said the bank was not going towards the SME sector just to follow the trend but it was basic target when KASB acquired the licence for banking.

KASB Bank chairman Nasir Ali Shah Bukhari said the bank had been formed for trade financing and doing good business during the last 8 months. He said there was Rs625 million infected portfolio when KASB took over the bank, which had now squeezed to Rs450 million. “It will further be reduced to Rs350 million in next couple of weeks,” he added.

He said the letter of credit opened from China used to take long time, but the LCs opened through his bank were usually confirmed within 24 hours.—APP