Soneri Bank Profile
Soneri Bank Limited provides various banking products and services in Pakistan.
The company operates with branches, including Islamic banking branches, Islamic banking windows. and sub branch.
Products and Services
The company offers current accounts, such as Soneri Ikhtiar Account, Soneri Current Account, Soneri Ladies First Account, Soneri Asaan Account, Soneri Pensioners Account; Savings Accounts, such as PLS Savings Account, Soneri Savings Account, Soneri Sahara Account, Soneri Youngsters Minor Savings Account, Soneri Rupee Term Deposits, Soneri Nigehban Term Deposit, Soneri Ladies First Term Deposit (TDR), Soneri Foreign Currency Accounts, and FCY Term Deposits.
Financing Products for Commercial & Retail Banking
The company ensures meeting all the banking needs of its customers by offering a variety of financing products to facilitate them to grow their businesses and also contribute their share towards the industrial growth of the country. The company is also committed to playing its role towards strengthening the SME sector by encouraging quality players to avail credit facilities through its nationwide branches, empowering them to grow beyond financial limitations. In addition to the company's conventional financing products, including Running Finance, Cash Finance, Term/Demand Finance, Letter of Credits (LCs), Finance against Imported Merchandise (FIM), Finance against Trust Receipts (FATR), Export Finance and Letter of Guarantees (LGs), the company also offers the following specific financing products to help its customers to operate their businesses without worrying about funding requirements.
Soneri Speed Finance
Soneri Speed Finance is focused towards providing quick and flexible financing solutions to its customers while keeping their savings secure. This product is offered to individuals, small and medium enterprises, commercial, and corporate businesses for meeting their business needs. It is primarily secured against liquid security, including the company's deposits (LCY and FCY Term Deposits, Cash Margin, Lien on Account), Naya Pakistan Certificates (PKR and USD denominated certificates), and Government Securities (DSC/SSC/RIC).
SBP's Incentive Schemes
The company offers a wide range of SBP's refinancing schemes through its designated branches: Refinance and Credit Guarantee Scheme for Women Entrepreneurs; SE Financing and Credit Guarantee Scheme for Special Persons; Credit Guarantee Scheme for Small and Rural Enterprises; Refinancing Facility for Modernisation of SMEs; Mark-up Subsidy and Guarantee Facility for the Rice Husking Mills in Sindh; Financing Facility for Storage of Agricultural Produce; Export Refinance Scheme; SBP's Financing Scheme for Renewable Energy; Refinancing Scheme for Working Capital Financing; Long-Term Financing Facility for Plant and Machinery; and Consumer Financing.
The company offers various consumer financing options to its customers depending on their needs. Its range of consumer financing products includes Soneri Car Finance, Soneri Ghar Finance, Mera Pakistan Mera Ghar (Government Mark-up Subsidy Scheme for Low-Cost Housing Finance), Soneri Personal Finance, and Soneri Renewable Energy Financing.
Soneri Car Finance offers financing for locally assembled/manufactured vehicles, new or used, at competitive mark-up rates. The Car Finance facility is available for up to Rs. 3 million with a repayment plan of up to 3 years in equal monthly instalments for vehicles that are above 1000cc engine capacity. For locally assembled/manufactured vehicles that are 1000cc and below, the repayment plan of up to 5 years in equal monthly instalments is available.
Soneri Ghar Finance
Be it acquiring a new house or an apartment, building a house or redesigning/renovating an existing house, this facility is tailored to suit the customers' needs where a maximum financing limit of up to Rs. 75 million with exible tenor for repayment of up to 20 years, can be taken.
Soneri Personal Finance
Soneri Personal Finance includes attractive plans, simple reimbursement alternatives, and market competitive rates. It is a hassle-free way for customers' monetary needs with a maximum limit of up to Rs. 2 millionunder unsecured lending and up to Rs. 5 million under secured lending against collateral, such as locally manufactured motor vehicle, residential property, SSC/DSC and deposits. With flexible repayment tenors of up to 4 years. It is an easy solution to the customers' cash/liquid requirement for emergency funds, debt consolidation, to plan their children's higher education, make their children's wedding the talk of the town, or take that dream vacation.
Soneri Renewable Energy Finance
The company offers a variety of financing options to help its customers hitch onto the solar bandwagon and start increasing the energy and value of their home through Renewable Energy Financing product. This product is specifically for domestic energy needs of an individual to combat the prevailing energy crisis and to optimize the increasing energy bills. Financing under this product is extended against solar system with a power generation capacity of maximum up to 1 megawatt and placed on the residential property of the customer. Maximum financing limit offered is up to Rs. 3 million without collateral and up to Rs. 5 million with tangible collateral. This product is an equal monthly instalment based term loan with financing options of 3, 5, 7, and 10 years, offered under SBP refinancing scheme (fixed rate) and on variable rate as well which is renewed annually.
Agriculture Financing
The company's wide range of Agri Products is available to support the Agri Economy and to grow Agriculture Produce, as well as the livelihood of the Farming Community. It offers various agriculture financing products, such as Farm Production Loans -Revolving Credit; Farm Development Loans for Farm Machinery; Tractor and Implements Loans; Non-Farm Working Capital Loan- Dairy Farming; Non-Farm Development Loan- Dairy Farming; Non-Farm Working Capital Loan- Poultry Farming; Non-Farm Development Loan- Poultry Farming; Non-Farm Working Capital Loan- Fish Farming; Non-Farm Development Loan- Fish Farming; Non-Farm Working Capital Loan- Cattle Farming; Non-Farm Development Loan- Cattle Farming; Value Chain - Contract Farmer Financing; and Financing against Warehouse Receipts.
Home Remittance
The company under the guidance of the Pakistan Remittance Initiative (PRI) (a joint venture of the State Bank of Pakistan, Ministry of Finance, and Ministry of Overseas Pakistanis) started the Home Remittance Payments' Disbursement Initiative in July 2012.
The company recognised the potential in the Home Remittance business and thereby brands this business with the service name 'Soneri Mehnat Wasool Remittance'.
Soneri Mehnat Wasool Remittance rendered unmatched services for overseas Pakistanis, who are sending money to their family members across Pakistan, through their extensive network of over 360 plus branches in more than 170 plus cities. To facilitate overseas Pakistanis, the company has tie-ups with renowned money service providers i.e., MoneyGram, RIA Money Transfer, IME, Al Ansari Exchange, Small World, Ebixcash, World Wide Cash Express, and Trans-Fast, covering GCC, the U.K. and Europe, and North American regions, including Canada. In a further step towards this initiative, the company has launched a deposit product titled 'Soneri Asaan Remittance Account'. The account can be opened with utmost ease through a simplified account opening process and is designed as a secure and reliable means for the purpose of receiving home remittance directly into the account.
Alternate Delivery Channel
The company offers ATMs, Debit Card, Internet Banking, Mobile Banking, SMS Alerts, and Phone Banking services.
Wealth Management
The company offers a range of Mutual Funds, Voluntary Pension Schemes, and Separately Managed Accounts, available in Conventional, as well as Shariah Compliant variants.
Soneri Mustaqeem Islamic Banking
Soneri Mustaqeem Islamic Banking offers a broad range of 100% Shariah-compliant financial solutions for customers. The company's Islamic Portfolio includes:
Deposit Products:
The offers various deposits, such as current deposits, savings deposits, term deposits, and others.
The company offers current accounts, such as Soneri Mustaqeem - Jari Account, Soneri Mustaqeem - Rahat Account, Soneri Mustaqeem - Jari Foreign Currency Accounts; savings accounts, such as Soneri Mustaqeem - Bachat Account, Soneri Mustaqeem - Munafa Account, Soneri Mustaqeem - Meaadi Account, and Soneri Mustaqeem - Asaan Account. It also provides Consumer Products, such as Soneri Mustaqeem - Car Ijarah, and Soneri Mustaqeem - Ghar Finance.
Corporate and Investment Banking
The company's Corporate and Investment Banking is well equipped to meet the requirements of its Corporate clients. The company has regional offices in Karachi, Lahore and Islamabad which offer extensive coverage. It offers Working Capital & Trade Finance Facilities, Investment Banking, Supply Chain Management, Cash Management and China Desk.
Business Segments
The company operates through Retail, Corporate, Islamic, Trading and Sales, Others segments.
Retail
This segment includes all retail related lendings and banking services (including staff, consumer and SME financing), as well as deposits mobilized from Retail branches.
Corporate
This segment includes financing and services provided to corporate customers, including services in connection with mergers and acquisitions, underwriting, privatisation, securitisation, syndication, Initial Public Offers (IPOs), etc. It also includes deposits mobilized from Corporate branches.
Islamic
This includes Islamic branches income and expenses.
Trading and Sales
This includes fixed income, equity, foreign exchanges, lendings and repos.
Others
This includes the company's head office related activities.
Investments Portfolio
The company's investment portfolio includes federal government securities, non-government debt securities, units of mutual funds, and commercial papers.
History
Soneri Bank Limited was founded in 1991. The company was incorporated in 1991.
