Traders to resist banks’ acquisition

Saturday, December 12, 2009
By our correspondent

PESHAWAR: The trading community of the city on Friday voiced concern over acquisition of banks by an influential group at throwaway prices and vowed to resist any move to jeopardise the banking system of the country.

Haji Muhammad Afzal, President Anjuman-e-Tajeran Peshawar (ATP) and former vice president of Sarhad Chamber of Commerce and Industry, in a statement said a dubious offshore company and bankers are using their political influence to snatch banks from the legitimate owners which could not be tolerated.

He also alleged that the institutions regulating the banking sector were supporting the mafia, which is trying to snatch banks by amending the laws to accommodate their unholy designs. “We will not allow people with black money to hijack our banking and financial system with the help of regulators and the finance ministry,” he added.

Speaking at a meeting at the ATP central secretariat, he warned that traders in the NWFP would start to stage protests including shutter-down, sit-ins and hunger strikes, if these deals were not reversed. He asked why an offshore company with no office, website, address, history of successful transactions or listing on stock exchange has developed a sudden interest in Pakistan’s banking system? “Why bankers with a criminal record are being allowed to own banks. “The State Bank should not dance to the tune of public enemies, its prime job is to look into the interest of depositors,” Afzal said.