LAHORE, May 21: Pakistan Industrial Credit and Investment Corporation Managing Director Mohammad Ali Khoja on Saturday said that PICIC and PICIC Commercial Bank would be merged next month and would launch its energy fund and real estate fund shortly.

Speaking at a meeting of the Lahore Chamber of Commerce and Industry here, he said that PICIC would become one of the six fastest growing banks in the country with the largest number of financial products after the merger.

He said that PICIC was working on ‘adopt a village’ concept these days for generating economic activity in the rural areas for poverty alleviation. The bank was ready to finance not only the SMEs and cottage industry, but also help revive sick industrial units.

He said that PICIC planned to open five more branches in Punjab during the next six months. It was focussing more on the province because economic activities were on the increase in it with the process of normalization of relations with India.

LCCI President Mian Misbahur Rehman said that PICIC had contributed significantly to the economic development of the country and shown 104 per cent growth during 2004 due to excellent financial management. “It has helped in developing housing projects and establishing CNG stations and is now setting up its own insurance company.

He said that reluctance of financial institutions to advance loans for the revival of sick industrial units was against the spirit of enabling environment. “CIRC had revived a number of sick industrial units declared non-performing in the past by selling them to new owners.”