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KARACHI: Allied Bank of Pakistan is determined to recover every single penny of its dues from the defaulters come what may. This was the major focus of the policy statement of Shaukat A. Kazmi the President of the bank; while inaugurating the bank's senior level Recovery Conference held on Saturday at Hotel Marriott, Karachi, the press release said.

Special squads comprised of senior officers of the bank have been assigned the task to chase, negotiate and settle, strategy described at length Mr. Kazmi. While Allied Bank has already made a headway in its recovery efforts, according to Kazmi, there is still need to be mobile and aggressive in chasing the chronical defaulters. Spelling out the causes and effects of bad loans on the profitability and growth of the institutions, Kazmi called upon all the key field officials and recovery staff of the bank from all over Pakistan. He emphasized upon the fact that Allied Bank is the one and only staff-owned bank of the country. Being employees as well as share holders every penny setting stuck up counts for them, and as such the defaulters of the bank must not be allowed to go scot free. Besides, said Kazmi, the Government and SBP have also shown a deep sense of concern and are helping the banks in the recovery efforts.

Dilating on the resounding success of operations of the bank during the year 1995 Kazmi, informed the participants that Allied Bank has increased of Rs 9679 million over the deposits of previous year.

Present in the conference amongst the field force of the bank, were SEVPs Rashid M. Chaudhry, S. Jauhar Hussain, I. A. Usmani, the concerned provincial chiefs and Amirali Dewani, EVP/Chief, Recovery Division, Central Office, Karachi, who took pains to bring home to the participants the importance of recovery of bad debts and provided practical guidelines for achieving the recovery target of the bank for the year 1996.