SECP directs investment banks to use legal names

According to SECP’s spokesman investment and commercial banks are completely different from each other in terms of business point of view.

So investment banks have been clearly directed to use word ‘Investment Bank’, he added.

Furthermore, all investment banks are bound to mention the word ‘Investment Bank’ at their websites, billboards, letterheads, deposit certificates and other communication tools while conducting marketing.

SECP warned investment banks to eliminate the existing ambiguity with commercial banks within four weeks and to submit its report in this regard to the SECP by August 15, 2014.