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ANZ Grindlays Bank in Pakistan.

ANZ Grindlays Bank in Pakistan

Among the foreign banks operating in Pakistan, ANZ Grindlays enjoys a special position. It is the oldest bank having representation in all provinces of Pakistan.

Grindlays Bank opened its first branch in Karachi in 1884 and today has seven branches in Karachi. It's first Branch was opened in Lahore in 1900, and it now has three branches in the city. A branch was opened in Rawalpindi in 1906, Peshawar in 1926, Quetta in 1934 and Islamabad in 1966, thereby giving the Bank 14 branches with a long history in each city.

Grindlays has always been a familiar name to the people who mattered in business and trade since 1947 when Pakistan came into being. Since then the institution has graduated from Grindlays, to ANZ Grindlays - a wholly owned subsidiary of Australia and New Zealand Bank Group Limited.

ANZ has been in the forefront for middle and short-term financing for Pakistan as and when its need has arisen.

Since the beginning of privatisation and de-regulation, ANZ Grindlays has been active in the market by assisting in private placement of over Rs. 500 million of common stock to off-shore investors in foreign exchange for the D.G. Khan Cement Company Limited, and also assisting in the Sindh Alkalis Employee-Management buyout of Pak Rupee 235 million. The Bank has also been successful in arranging Rupee Syndicated loans for Pakistan Telecommunication for over Rs. 2.4 billion.

ANZ Grindlays has the honour of being the first foreign bank to launch a Modaraba in 1987 and it continues to be a leading leasing entity and actively contributes to the industrial development in Pakistan.

The Bank has been updating its technology in all the branches to give a higher degree of customer service to its valued clients.

The Bank is now launching its new "High Performance Account"which will pay a higher rate of return subject to the minimum balance. It will offer chequing facility with no restrictions on withdrawals.

The Bank has continually shown its commitment to Pakistan and has continued to increase its capital each year to enable the Bank to continually grow its deposit base which in turn enables the organisation to be involved in financing local companies and foreign trade.
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:Economic Review
Article Type:Company Profile
Date:Sep 1, 1993
Words:373
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