PAKISTAN: PICIC BANK AND SAMSUNG ELECTRONICS SIGN CONSUMER-FINANCING MOU.(PICIC Commercial Bank signs memorandum of understanding agreement)(Brief Article)

IPR Strategic Business Information Database, January, 2003

According to "Daily Times", a Memorandum of Understanding (MoU) for consumer financing of home appliances was signed by the PICIC Commercial Bank with Samsung Electronics. Loans up to Rs 100,000 would be extended under the home appliances' financing scheme launched with immediate effect and it will initially be for Karachi but would be extended to Lahore and Islamabad later and then in other parts of the country.

It will be payable within a period of three years with what was described as the minimum mark up. The scheme will be for the government employees and those working with multi-national, private firms or are self-employed as well as the professionals.