KARACHI, Dec 29: When banks will open their business, only then will they find how much loss banks have to incur after violent protests to mark the anger over killing of Benazir Bhutto last Thursday.

Banks were busy collecting information about damages to their branches, but the estimate could reach over 150 branches, as 41 branches of Allied Bank alone were targeted by violence.

Most of the banks were targeted in small towns and cities of Sindh while Karachi was also badly affected and at least 40 bank branches were set on fire, looted or partially damaged. Eyewitnesses said in most of the cases banks were looted and then set on fire.

Banks have no idea or information that how much losses were made to them, neither they were able to know which branches were targeted and to what extent.

Reports from different parts of the country suggest that at least 150 branches were burnt and most of them were in the interior of Sindh.

The ATM machines were especially targeted during violence in Karachi and at least a dozen of ATMs were either looted or damaged in different parts of the city.

An eyewitness said an ATM machine in Ghas Mandi was taken away as looters failed to break the pocket of the machine where cash is deposited.

The MCB Bank has the highest number of ATMs in the city. When contacted, a spokesman for the MCB revealed that damage was serious in Karachi. So far, his information disclosed that at least nine branches of the MCB Bank were either set on fire after being damaged and looted in parts of Karachi.

The MBC Bank is yet to receive assessment of damage to branches in the interior of Sindh and other parts of Pakistan.

MBC Bank branches in old Sabzi Mandi, Safoora Chowrangi, Korangi Industrial area, Bhittai Colony, Malir City, Lea Market, SITE and Pakistan Quarters were looted and burnt.

The cause of damage was known to the bank, but the loss was yet to be calculated.

“One ATM machine costs around Rs30 to 40 million and our three ATMs were destroyed,” said Kafil Barni, senior official of MCB Bank. The ATMs at Lea Market, Pakistan Quarters and Safoora Chowrangi were destroyed.

Bankers said all bank branches in Korangi industrial area were set on fire while bankers were yet to know how much damage was caused to them.

Banks were busy to gather information regarding the damage of their branches across the country and were facing difficulty to visit the affected branches due to disturbances all over the country especially in Sindh.

An Allied Bank spokesman Arshad Khan said the bank has so far received report of damage to 41 branches in the country. These branches were looted and set on fire while several were looted and damaged. He said computers and fax machines were stolen from their branches.

He said 19 branches were set on fire in Sukkar, nine in Hyderabad, six in Nawabshah, four in Karachi, one each in Sadiqabad, Multan and Bahawalnagar.

The ATMs of the ABL were looted and damaged mostly in Punjab. Six ATMs were looted and destroyed in Rawalpindi, two in Karachi, one each in Rahimyaar Khan, Shaikhupura and Sialkot.

The estimated loss could be in billions while the restoration and renovation would cost more to make the damaged branches functional.

No bank received report of looting or damage to lockers.

The MCB Bank said several branches which were looted, have strong rooms which remained intact and safe. ABL also did not receive any report about loss to lockers.

They, however, said if lockers were broken, loss would be much higher than the expectations. Some major banks have insurance of the lockers while others do not provide insurance cover.