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PICIC Bank chief steps down

KARACHI (February 25 2003) : Mohammed Ali Khoja has stepped down as Chairman of the PICIC Commercial Bank under the orders of the State Bank of Pakistan.

According to informed sources, the name of Taufique Habib Chinoy is being mentioned to take-over as chairman of the Bank.

Sources said that final decision about next Chairman will be finalised at the next meeting of the Board of Directors of the PICIC Commercial Bank to be held shortly.

It is also reported that the move to merge PICIC Commercial Bank with PICIC is shelved for the time being.

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