The Presidents/CEOs,

All Banks/DFIs/Micro Finance Banks

Dear Sirs / Madam,

CONSOLIDATION OF LICENSING, CORPORATE GOVERNANCE

& REGULATIONS AT BPRD

This is with reference to recent restructuring that has been taken place in the State Bank of Pakistan (SBP) during the month of September 2006.

As a part of restructuring, it has been decided to consolidate the licensing, regulations and corporate governance of Commercial Banks, Islamic Banks & Micro Finance Banks at Banking Policy & Regulations Department (BPRD). All Banks/DFIs/Micro Finance Banks are, therefore, advised to refer all matters relating to licenses (banks and branches/booths), corporate governance & regulations to BPRD with effect from 1st November, 2006.

Please acknowledge receipt.