The Presidents / Chief Executives,
All Banks/ DFIs.

Dear Sirs / Madam,

ESTABLISHMENT OF SUBSIDIARIES BY BANKS/DFIs

1. Please refer to BPD Circular No. 7 dated March 8,2004.

2. It is clarified that the instructions contained in the aforesaid circular shall not be applicable on the exchange companies established by the Banks in terms of FE Circular No. 9 of 30th July, 2002.

3. Please acknowledge receipt.