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040717

STATE BANK OF PAKISTAN - BANKING POLICY DEPARTMENT

BPD Circular Letter No. 22 of 2004
June 17, 2004 

The Presidents / Chief Executives,
All Banks/ DFIs.
Dear Sirs / Madam,

ESTABLISHMENT OF SUBSIDIARIES BY BANKS/DFIs

1. Please refer to BPD Circular No. 7 dated March 8,2004.
2. It is clarified that the instructions contained in the aforesaid circular shall not be applicable on the exchange companies established by the Banks in terms of FE Circular No. 9 of 30th July, 2002.

3. Please acknowledge receipt.

Yours faithfully

Sd/-
(Mohammad Kamran Shehzad)
Director

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