LAHORE, April 4: The State Bank of Pakistan (SBP) expects foreign banks to acquire 47 per cent of Pakistan’s banking assets by the end of this year.

This would help boost competition in the banking industry and result in greater efficiency, SBP Governor Dr Shamshad Akhtar said this while talking to the newsmen at the prize award ceremony of the Institute of Bankers Pakistan.

She said the foreign banks had so far acquired smaller but efficient banks which had been unable to meet the capital requirements of the central bank.

These acquired Pakistani banks would become part and parcel of the foreign banks that operate on global standards, she said.

In her address to the bankers, she said the banking sector was the biggest success story of Pakistan’s economy. She said the World Bank in its latest report had termed Pakistan’s banking industry as the best in the region.

Regarding low deposit rates, she said, the depositors should also demand higher interest on their savings.