July 26, 2006	Wednesday	Jumadi-ul-Sani 29, 1427

KARACHI, July 25: The State Bank has allowed banks having foreign participation to hold their board meetings abroad.

A State Bank circular on Tuesday said it had now been decided that the banks incorporated in Pakistan having foreign participation or equity could hold board meetings abroad.

Banks having more than 51 per cent foreign shareholdings can hold maximum four board meetings abroad. Banks having more than 40 per cent foreign shareholdings can hold three board meetings while banks with more than 30 per cent but less 41 per cent shareholdings can hold one meeting abroad.

The State Bank, however, did not allow the banks having less than 30pc foreign shareholdings to hold board meetings abroad.

The banks concerned will only inform the SBP in writing as and when they hold meeting abroad, says the circular.