KARACHI, Oct 8: State Bank of Pakistan has allowed Pakistan Industrial Credit and Investment Corporation (PICIC) to open 10 new branches in 2004 to expand its network.

PICIC sources said here on Friday that two branches had already been opened in Rawalpindi and Karachi while third one would be inaugurated at Sheikhupura on Saturday by the Federal Railways Minister Mian Shamim Haider.

The fourth and fifth branch would be opened at Al-Noor and Nazimabad in Karachi on October 12 and 14. The decision to open the remaining branches would be taken later, the sources added.

PICIC has 21 branches and the addition of these branches will expand its network to 31 by the end of this year. -APP