KARACHI, Dec 27: Banks have opened record number of branches this year, while the Islamic banks are the front runners.

The State Bank of Pakistan has issued highest ever 730 licences to commercial banks to open up new branches and sub-branches in calendar 2008 under its Branch Licencing Policy (BLP).

In 2007, the SBP issued 474 branch licences. As of December 16, 2008 the total number of bank branches operating in the country was 8,886.

Under BLP, commercial banks which want to open new places of business during a calendar year are required to submit their Annual Branch Expansion Plan (ABEP) to the State Bank for consideration and approval. Accordingly, various banks submitted their ABEP-2008 and were granted approval for opening of branches.