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Platinum Bank's sevenbranches closedRECORDER REPORT

KARACHI: The Platinum Commercial Bank remained closed in upcountry northern areas as the staff resigned in protest against the policies of the management, banking sources said in Karachi.

According to information received in Karachi, seven branches of the bank have been closed down by their senior management and staff.

Sources said that the staffs of the closed branches had developed serious disputes with the bank head office, which could not be resolved and the staff of these branches resigned collectively.

Sources further said that the staff of the Platinum Bank has already joined Prudential Commercial Bank Ltd.

Platinum Commercial Bank was incorporated in Pakistan in 1994 as a public limited company. The bank started with 18 branches and is listed on the stocks exchange.

At first, it was incorporated by the Chakwal Group. Later it was sold out to another party involved in building construction business. Its assets amounted to Rs 7.601 billion for the year ending December 31, 1999, showing a slight increase compared to last year.

However, its liabilities also increased to Rs 6.882 billion at the end of the year 1999.

Its deposits in the same year were Rs 4.821 billion and the total advances were Rs 4.383 billion.