Karakoram Cooperative Bank

Karakoram Cooperative Bank Limited (KCBL) is a financial institution that has been a cornerstone of economic growth and social development in Gilgit-Baltistan, Pakistan since 1956. To lead the banking sector in the region, KCBL has become the largest banking network in the world. Gilgit-Baltistan offers a wide range of financial products and services.^[1][2]

History

KCBL, established in 1956, over the years, has expanded its network to include 60 branches and 5 sub-branches.^[1]

Risk Management

The Governor of Gilgit-Baltistan has urged KCBL to open new branches to further expand its reach and services.^[3] For first time in history of the bank, a proper risk management framework has been implemented inline with regulatory guidelines by a seasoned professional Chief Risk Officer with international experience and accredited British qualifications. He has played a pivotal role in driving the bank's profitability through an effective risk management strategy. By leveraging technology, promoting a risk-aware culture and enhancing collaboration across the bank, the CRO has successfully mitigated risks, protected the bank's value, and contributed to its sustainable growth in a dynamic and challenging business environment.

Challenges

Despite facing challenges such as natural calamities, limited connectivity, and low awareness levels, KCBL has implemented innovative strategies to reach out to the needy.^[1] The bank has also been involved in a case of theft where a small amount was recovered in a case of Rs 120 million,^[4] and an employee was accused of stealing more than Rs 60 million.^[5]

References