CHAPTER NO.

1ORGANIZATIONAL OVERVIEW

1.1 Overview of Soneri Bank

Soneri bank Limited is engaged in banking service, and operate more than 184 branches
including four Islamic Banking Branches in Pakistan. The bank operates in four segment
corporate finance, trading and sales, retail banking and commercial banking. Corporate
finance includes syndicated financing and services provided in connection with mergers and
acquisitions, underwriting, privatization, securitizations, debt, equity, syndication, Initial
public offers (IPO) and secondary private placement. Trading and sale segment includes
fixed income, equity, foreign exchange, commodities, credit, funding, own position
securities, brokerage debt and prime brokerage. Retail banking segment includes retail
lending and deposit, banking services, private lending and deposit, trust and estates
investment advice and merchant/ commercial/ corporate cards. Commercial banking includes
project finance, real estate, export finance, trade finance, factoring and leasing. The essence
of our business philosophy is to cater to the banking requirements of small & medium sized
entrepreneurs, providing them qualitative & competitive services with emphasis on
encouraging exports. Nearly forty percent of our credit portfolio is related to export financing
and credit decisions are taken within 48 hours that is why we say. Soneri Bank Limited
incorporated in Pakistan on 28 September 1991 as a public limited company under the
company ordinance 1984 with registered office in Lahore, Punjab. Its shares are quoted in all
the stock exchanges of Pakistan. This bank is engaged in banking service as describe in the
Banking Companies Ordinance 1962 and operate 42 branches in Pakistan. The sponsor
directors of the Soneri Bank Limited are from M/S Rupali Polyester Limited, who enjoy
excellent reputation in the country both professionally and financially and who have invested
more than Rs. 10 Billion upto 1998, in various industrial and commercial projects of the
country.

1.2 History of Soneri Bank

SONERI BANK LIMITED Incorporated on September 28, 1991 the first branch of Bank
formally opened doors for operations in Lahore on April 16, 1992 followed by Karachi
Branch on May 09, 1992. The bank now operates with 184 branches spread all over Pakistan
including the Northern Areas of the country. Expansion of branches is based on a policy of

1
maintaining a balance between the urban and rural areas with a view to offering services even
in the remote areas of Pakistan. Pleasant and sophisticated atmosphere has been provided in
the branches which are all fully air-conditioned and computerized.

The bank is looking forward to attain growth through activating the areas of SMEs and
Agriculture credits. The Pakistan Credit rating Agency Limited (PACRA) has maintained
banks credit rating at “AA-” for long term and “A1+” for the short term and “A+” for the
Term Finance. Certificates reflecting bank’s well maintained risk profile with preserved
sound asset quality. We take this opportunity to thank the Ministry of Finance and State bank
of Pakistan their continued support and guidance.

Soneri Bank, Limited was incorporated on September 28, 1991, by taking the advantage of
the financial deregulation of the economy and the government’s invitation to reputed business
groups for participation in banking.

The first branch of Bank was formally opened doors of operations in Lahore on April 16,
1992, with a paid-up capital of Rs. 300 million .After that, the bank has since then opened
branches in Karachi, Peshawar, Quetta, Mirpur (AJK), Gujranwala, Hyderabad, Sialkot,
Gilgit and Faislabad.The bank currently operates 184 branches, spread all over Pakistan
including the Northern Areas of the country. We take great pride in offering services even in
the remote areas of Pakistan. Our fully air-conditioned and computerized branches provide a
pleasant, convenient and hassle free banking experience every time. The essence of our
business philosophy is to cater to the banking requirements of small & medium sized
entrepreneurs, effectively providing them qualitative & competitive services with emphasis
on encouraging exports. Nearly forty percent of our credit portfolio is related to export
financing and credit decisions are taken within 48 hours.

The bank operates in four segments; corporate finance, trading and sales retail banking and
commercial banking.

With the grace of ALLAH, Soneri Bank has growth of Pakistan’s economy and has
established a niche position in foreign trade financing of the country and the bank is now
operating with 42 branches with emphasis on greater automation. The business expansion
through increasing branch network is underway. The Bank management, however, prefers the
slow and steady growth.

2
1.3 Vision and Mission Statement

Vision Statement

To provide visionary services and dynamic banking solutions to cater the

needs of all our stakeholders.

Mission statement

To develop Soneri Bank into an aggressive and dynamic institution having the
capabilities to provide personalized services to customers with cutting edge
technology and a wide range of products, and during the process to ensure
maximum return on asset with ultimate goal of servicing the economy and
society.

1.4 Objectives of Soneri Bank

The essence of business philosophy is to cater the banking requirements of small &
medium sized entrepreneurs, providing them qualitative & competitive services with
emphasis on encouraging exports

1.5 Nature of The Organization

Soneri Bank Limited offers a range of business for their customers;

• Retail Banking

• Corporate Banking

Retail Banking
• Refers to banking in which individual customers use local branches of larger
commercial banks for their financial activities.

• Banking institutions execute transactions directly with consumers, rather than

corporations or other banks.

• Services offered include;

o Savings and checking accounts

3
 o Mortgages

o Personal loans

o Issuance of debit/credit cards

o Certificates of deposit (CDs

Corporate Banking

• Corporate Banking offers tailor made products / solutions as required by

corporate customers which includes:

o Funded facilities, ranging from short to medium and long term lending.

o Trade related financing.

o All sorts of non-funded facilities / services which include Cash receipts /

payments, Remittances, Collections, guarantees, letter of credit etc.

o Customized products / solutions.

• SBL covers cash management, foreign exchange, business-to-business

payments, trust, custody, commercial lending, trade finance, and other corporate
banking issues.

1.6 Unique Features

Soneri Bank offered the following Unique services to their customers which are given below.

• Full range of corporate and retail banking services with special emphasis to
provide qualitative and competitive services to small and medium entrepreneurs.

• Highly professional and efficient treasury operations and a world wide

network of correspondents. A complete range of products for trade Finance, one of
their core banking activities.

• Funds transfer services through On-Line banking and the bank own ATMs
network, cheque-free banking and Soneri VISA Debit cards are just a few of their
value added services.

4
 • A wide range of attractive saving schemes to suit all segments of investors,
Consumer finance Schemes and Islamic Banking products catering to the needs of a
variety of consumers.

CHAPTER NO. 2 PRODUCTS AND SERVICES

2.1 Product of Soneri Bank

2.1.1 Soneri Car Finance Scheme

2.1.2 Soneri Ghar Finance Scheme

2.1.3 Soneri Personal Finance Scheme

2.1.4 Soneri Generator Finance Scheme

2.1.1 Soneri Car Finance Scheme

Purchase of brand new:

• Un-registered cars for private use.
• Un-registered light commercial vehicles for private use.

Eligible Borrowers

• Salaried Persons
• Self Employed Professionals
• Business Persons

Financing Amount

• For Cars upto 2000 CC: Rs. 1.0 Million

• For Cars exceeding 2000 CC: Rs. 2.0 Million

Down Payment

• On finance upto Rs. 1.0 M: Minimum 15% of the vehicle price.

• On finance over Rs. 1.0 M: Minimum 20% of the vehicle price.

5
Tenure

Maximum repayment period is 5 years

6
Mark-up Rate

1 year KIBOR + 4% p.a on yearly basis

Processing Fee

Rs. 3000/- per approved application.

Service Length

Minimum 2 years of confirmed service with present employer in case of Salaried Person.

Age

At the time of Application for finance applicant’s age must not be more than;

• 55 years in case of Salaried Persons

• 60 years in case of Self Employed / Business Persons

Pre-Payment Penalty

2% pre-payment penalty on outstanding principal amount of finance being pre-paid.

Late Payment Charges

Rs. 500/- per installment per month.

Insurance of Cars / Motor Vehicles

• Cars / Motor Vehicles financed are to be comprehensively insured with any of

the Insurance Companies listed on the approved panel of Soneri Bank.
• Insurance Premium is payable up-front for each year during the life of the
loan.

Charges

• Documentation Charges at actual.

• Income Estimation Charges (if applicable).

7
2.1.2 Soneri Ghar Finance Scheme

Purpose

• Purchase / Construction of Property for self-occupancy.

• Extension / Renovation on self occupied residential Property.

Product Categories

• Purchase of pre-constructed Residential Property.

• Construction of residential property on self owned plot of land.
• Extension / Renovation on self owned & occupied property.

Eligible Borrowers

• Salaried Persons
• Self Employed Professionals
• Business Persons

Financing Amount

• Purchase: Rs.Up to 10 Million

• Construction: Rs.Up to 10 Million
• Extension / Renovation: Rs.Up to 03 Million
• Balance Transfer Facility: Rs.Up to 10 Million

Tenure

• Purchase: Up to 20 Years
• Construction: Up to 20 Years
• Extension / Renovation: Up to 07 Years
• Balance Transfer Facility: Up to 20 Years

Processing Fee

Rs. 2500/- or 0.50% of the finance amount whichever is higher (refundable where case is
not approved).

8
 Service Length

Minimum 5 years of confirmed service with present employer in case of salaried persons.

Age

At the time of maturity of the Finance applicant's age must not be more than;
• 60 years in case of Salaried persons
• 65 years in case of self Employed / Business persons

Pre-Payment/ Parital Prepayments

In case of Partial Payment / Balloon Payment / Full adjustment, no penalty will be

charged.

Late Payment Charges

Rs. 500/- per Installment per month.

Insurance

• Mortgage Protection Insurance cover through Bank’s designated Insurance

Company.
• Insurance premium on the insurance cover payable upfront each year.

Charges

• Documentation Charges at actual

• Valuation Charges
• Legal Opinion Charges
• Income Estimation Charges (if applicable)

2.1.3 Soneri Personal Finance Scheme

Purpose of Finance

• To meet medical expenses for self or dependants of applicants

• To meet educational expenses of applicant’s children.
• To meet travel expenses for self and family members.

9
 • To meet renovation expenses of self owned residential property.
• To meet advance rent payment for rented residential property occupied by the
applicants.
• To meet domestic needs.

Product Categories

Type Maximum Financing

Clean Financing Upto Rs. 0.5 Million

Balance Transfer Facility (BTF) Upto Rs. 0.5 Million

Eligible Borrowers

• Salaried Persons
• Self Employed Professionals
• Business Persons

Tenure

• Maximum repayment period of 5 years.

Processing Fee

• No Processing Fee.

Service Length

• Minimum 2 years of confirmed service with present employer in case of

Salaried Person.
• Minimum 1 year of practice by Self Employed Professionals.
• Minimum 2 years of business association by Business Persons.

Age

At the time of maturity of the finance applicant’s age must not be more than;

• 60 years in case of Salaried persons

10
 • 65 years in case of Self Employed / Business persons

Pre-Payment Penalty

• No prepayment penalty

Late Payment Charges

• Rs. 500/- per installment per month.

Personal Loan Insurance

• Amount of Finance insured against life of borrowers, free of cost.

Charges

• Documentation Charges at actual.

• Income Estimation Charges (if applicable).

2.1.4 Soneri Generator Finance Scheme

Purpose of Finance

• For purchase of brand new Electric Power Generator to be installed at

residential / commercial / industrial property owned by the borrower.

Eligible Borrowers

• Salaried Persons
• Self Employed Professionals
• Business Persons

Financing Amount

• Minimum Amount of Finance: Rs. 0.1 Million

• Maximum Amount of Finance: upto Rs. 1.0 Million

Down Payment

11
 • A minimum of 20% of price of the Generator (as per Quotation / Invoice)
being financed shall be paid by the borrower

Tenure

• Maximum repayment period is 3 years

Processing Fee

• Rs. 2000/- per approved application.

Service Length

• Minimum 1 year of confirmed service with present employer in case of

Salaried Person.

Age

At the time of Application for finance applicant’s age must not be more than;

• 57 years in case of Salaried Persons

• 60 years in case of Self Employed / Business Persons

Debt Burden

• Monthly repayment installments not to exceed 40% of the net take home
salary or 40% of declared monthly income (taking into account other financing
facilities availed from other Banks/DFIs).

Pre-Payment Penalty

• No prepayment penalty

Late Payment Charges

• Rs. 500/- per installment per month

12
 Insurance of Generator

• Insurance Premium is payable up-front for each year during the life of the
loan.

Charges

• Documentation Charges at actual.

• Income Estimation Charges (if applicable).

2.2 Services

These are the following services provided by the Soneri Bank Ltd to its customers: -

2.2.1 Online Banking

2.2.2 Telephone Banking

2.2.3 Cheque free Banking

2.2.4 SMS Alert

2.2.1 Online Banking

On-Line Banking Services are available for all chequing account holder of our Soneri
all branches.

Services

• Cash Payments of cheques drawn on any of our all branches.

• Cash Deposits in to customers account maintained at any of our all
branches.

Government Taxes/Duties

• Cash Cheques or Cheques Applicable Government Taxes/duties

• Under Collection if payable recoverable as per rules to third parties

Cash withdrawals

13
 • Per day Cash Withdrawals limit is restricted to Rs. 200,000.
• Cash Cheques tendered by other than the account holders in person are
subject to levy of Govt. Taxes as per rules.

Cash Deposits

• Deposits made by third parties into accounts of customers maintained

at all branches are subject to recovery of applicable with-holding tax, as per
rules from the depositors.

Cheques under Collection

• Proceed of Cheques drawn on our all branches are immediately

credited to depositors account subject to fulfillment of other conditions
governing payment of cheques.
• Govt. Taxes as per rules are recoverable on outstation collection
cheques.

2.2.2 Telephone Banking

You can conduct your banking from any where and at anytime you want.
Dial 111 SONERI (111-766374) to reach our Customer Services Call Center.
With Telephone Banking, You can access all the information you need without
making a trip to the branch. This means no Parking to find, no traffic to flight and no
standing in line. At home, at work or on the go, all you need is a touch-tone
telephone, your card number and the T-PIN to access your bank account, 24 hours a
day, 7 days a week.

Eligibility:

If you are having Soneri Banking Card, if you are maintaining a Soneri Bank PKR
Current or Savings account Single or Joint account with either signatory authorized to
operate the account, a further supplementary card can also be issued to the second
account holder. All Soneri Banking Card holders use debit card facility.

• Balance Enquiry

14
 • Today's Transaction by Voice
• Instant statement of Account through Fax
• Request for Computer Generated Statement of Account
• Request for cheque book
• Stop mark of lost Soneri Banking Card
• Change your T-PIN
• Product Information

Interactive voice prompt in English or Urdu language will guide you through the
process. Soneri Banking Card holders will have access to Telephone Banking basic
facilities at no additional cost.

Service Provided

• Request of checkbook
• Lost Card Report
• Balance Inquiry
• Request of detailed statement By Fax
• T-Pin Change
• Request of detailed Statement

2.2.3 Cheque Free Banking

• No Cheque book
• 300,000/ Per day
• Time Saving
• No Signature required
• No charges Can be used at POS Terminal deployed branches

At present, our cardholders (ATM/Debit Cards and Soneri Banking Cards) may
withdraw cash through use of their cards at ATM of 1-Link Switch and M.Net Switch
member banks. However due to constraints on Cash Dispensing capacity of ATMs,
Soneri Banking Card holders may draw only up to Rs. 25000/- per day from ATMs.
Recognizing the fact that our customers do not always carry with them the cheque

15
books issued to them for operation on their account and that they may need to
withdraw cash in excess of the per day withdrawal limit for ATMs, Soneri Bank has
introduced CHEQUE FREE BANKING whereby our cards holders may withdraw
cash up to a maximum of Rs.300, 000/- per day through use of their cards at Point of
Sale Terminals installed at our designated branches.

Eligibility:

If you are having Soneri Banking Card, if you are maintaining a Soneri Bank PKR
Current or Savings account Single or Joint account with either signatory authorized to
operate the account, a further supplementary card can also be issued to the second
account holder. All Soneri Banking Card holders use debit card facility.

Service Availability:

CHEQUE FREE BANKING is available at branches equipped with point of sale

(POS) Terminals offering the following services during the counter hours on real time
basis:-

2.2.4 SMS Alert

Soneri Bank Limited now introduces to its ATM/ VISA Debit Card holders SMS
Alert Service, the best feature for warning about fraudulent transactions conducted
against Cards. Now you shall receive SMS Alerts on your mobile number registered
with the bank of all purchase transactions immediately after it has been made.
Remember, an early intimation can save you a lot of trouble later, and also protect
your hard-earned money.

It is very easy to sign up for our SMS Alert Service. Just fill the form available in our
all Branches or call us at the following numbers for your SMS Alert Activation:

111-SONERI (766-374)

0800-00500

16
CHAPTER NO. 3 ORGANIZATIONAL STRUCTURE

3.1 Board of Directors

Chairman

Mr. Alauddin Feerasta

Chief Executive Officer

Mr. Safarali K .Lakhani

DIRECTORS

Mr. Noor Feerasta

Mr. Inam Elahi
Mr. S. Ali Zafar
Mr. Abdul Hayee
Mr. Shahid Anwar (NIT Nominee)
Mr. Manzoor Ahmad (NIT Nominee)

AUDIT COMMITTEE

Mr. Nooruddin Feerasat( Chairman)

Mr. S. Ali Zafar(Member)
Mr. Shahid Anwar (Member)
Mr. Abdul Hayee (Member/ Secretary)

COMPANY SECRETARY

Mr. Abdul Hayee

LEGAL ADVISOR

Manan Associates, Advocates

AUDITORS
A.F Ferguson & Co.
(Chartered Accountant)

17
3.2 Top Level Management

MR ALAUDDIIN
FEERASTA
CHAIRMAN

MR.SAFAR ALI K
LAKHANI
CEO

MR.NOORUDDIN
FEERASTA
DIRECTOR

MR.IMAM ELAHI

DIRECTOR

MR.S.ALI ZAFAR

DIRECTOR

MR.ABDUL HAYE

DIRECTOR

18
3.3 Middle and Lower Management

DIRECTORS

AUDITORS SECRETARY

SEVP EVP

VP AVP

GRADE 1 GRADE 2

GRADE 3

19
3.4 Departments In Soneri Bank

For the smooth working of an organization all the departments should work in complete order
and harmony to get the desired results. Soneri bank carries out its working with the integrated
working of its departments. The bank consists of the following departments

3.4.1 Accounts Department

3.4.2 Cash Department
3.4.3 Remittance
3.4.4 Agriculture Department
3.4.5 Credit Department

3.4.1 Accounts Department

Accounts department is the first way of communication and interaction between the
bank and the customers. It is because the bank has to deal with two types of
customers. One type consists of those customers who are called as the walking
customers. These are not the potential customers of the bank. They just walk in
casually to grab some information or to pay utility bills. The real asset of the bank is
the permanent customers who maintain a long lasting relationship with the bank, who
have to get benefit from different services of the bank. So as a first interaction they
have to open a new account with the bank.

To be a permanent customer first they have to open a new account. There is also a
classification of accounts based on which the types of accounts are maintained.

Procedure Of Account Opening

If any person wants to open the account with the bank the account opening officer
gets the copy of CNIC of the customer and get it verified through NADRA. After
getting verification from NADRA the officer gives application from the officer.
Customer fills the form and get it back to officer with the required document.

After analyzing the documents if documents are inn order the officer makes entries
into the account opening register and issues account number to the customer. Now the
customer can operate his/her account after depositing certain amount.

20
There are certain types of accounts which the customer can easily choose from
according to their own convenience and suitability. These are as follows

a) Current accounts
b) Profit & loss accounts
c) Soneri savings
d) Basic banking accounts
e) Term deposit accounts
f) Foreign currency accounts

a) Current Account

Current is non profit account, flexible account with a great convenience for
individuals (in single or joint names), minors (to be operated by the guardian),
charitable institutions, limited companies, firms, educational institutions, associations
etc.

Current account can be opened with the minimum amount of Rs. 10000/- (rupees ten
thousand). Rs 50/- will be deducted from account if balance decreases from Rs .
10000/-.

Current account entitles account holder to avail amazing facilities such as:

• No limit on a number of transactions.

• Free Cash Deposit and With drawl facilities through customers bank
branch.
• Free clearing facilities to deposit cheques of other banks within the
city.
• Free Online Funds Transfer through cheques to any account across
Pakistan through customer's bank branch.
• Online cash deposit ,withdrawal and fund transfer through cheques
from any of our branch across Pakistan (e.t.c)

b. Profit & Loss Saving Account

21
PLS Savings Bank Account is a simple, straight forward Savings Bank Account with
a great convenience for individuals (in single or joint names) minors (to be operated
by the guardian) charitable institutions, provident fund and other funds of benevolent
nature local bodies, autonomous corporations, limited companies, firms associations,
educational institutions, etc.

The account may be opened with any amount; however accounts with average
monthly balance below Rs.5000/- on any day shall be subject to Service Charges as
per bank's schedule of charges in force.

The PLS Savings Account entitle Account Holder to avail amazing facilities such as:

• Chequing account facility with no limit on a number of transactions

• Free Cash Deposit and Withdrawal facilities through your bank branch
• Free clearing facility to deposit cheques of other banks within the city
• Online funds transfer through cheques to any account across Pakistan
through your bank branch
• Online Cash Deposit, Withdrawal and Funds Transfer through cheques
from any of our branch across Pakistan
• Remittance facilities such as Payment Orders, Demand Draft,
Telegraphic
Transfers and Free Rupee Traveler’s Cheque through your bank branch
• Standing Orders facilities
• Safe Deposit Locker at designated branches
• Statement of Account on six monthly basis
• Usage of Electronic Banking through:

o ATMs across Pakistan owned by Soneri Bank and other

banks
o Free Online Cash Withdrawal facility upto Rs.
300,000/- from designated branches without cheque Book
o Free 24-hours Telephone Banking and Call Centre
facility

22
 o Free 24/7 Online Funds Transfer to any customer of
Soneri Bank through ATMs owned by Soneri Bank

• All purchases and cash withdrawals made with the Soneri Banking
Cards is deducted directly from your bank account
• Zakat is deductable from Account however Zakat exemption forms are
accepted

c). PLS Saving Account

• Rate of Return 5.00% p.a.

• Rs. 5,000/= minimum balance requirement.
• Regular Chequing Account.
• Profit paid bi-annually.

Special Notice Deposits

Period Rate Of Return

7 days 6.00% p.a
30 days 8.00% p.a

d) Soneri Savings

Soneri Savings Account is a flexible and fast growing cumulative profit account with
a great convenience for individuals, minors (to be operated by the guardian),
charitable institutions, autonomous corporations, limited companies, firms
associations, educational institutions etc. The rate of Profit in this savings scheme
increases as your balance increases without demanding and negotiating with us. The
account may be opened with any amount.

Soneri Savings Bank Account entitles Account Holder to avail amazing facilities such
as:

• Chequing Account facility with no limit on a number of transactions

• Free Cash Deposit and Withdrawal facilities through your bank branch
• Free Clearing facility to deposit cheques of other banks within the city

23
 • Online funds transfer through cheques to any account across Pakistan
through your bank branch
• Remittance facilities such as payment orders, demand draft, telegraphic
transfers and free rupee traveler’s cheque through your bank branch
• Statement of account on six monthly basis
• Usage of Electronic Banking through
o ATMs across Pakistan owned by Soneri Bank and other banks
o Free Online Cash Withdrawal facility upto Rs. 300,000/- from
designated branches without Cheque Book
o Free 24-hours Telephone Banking and Call Centre facility
o Free 24/7 Online Funds Transfer to any customer of Soneri
Bank through ATMs owned by Soneri Bank
o Free 24/7 Internet Banking

• All purchases and cash withdrawals made with the Soneri Visa Debit
Cards is deducted directly from your bank account

Provisional Rates

• Minimum balance requirement 5,000/-.

• Operational facility like Current Accounts without any

restriction on amount and number of cheques.

• Profit paid on monthly basis on daily products

e) Basic Banking Account

Soneri Bank Limited introduces Basic Banking Account Scheme with effect from
July 01, 2006. Salient feature of the Scheme are:

• Basic Banking Accounts may be opened in the Pak Rupees by

individuals including minors under guardianship.
• The accounts may be opened by initial deposit of any amount.
• No minimum balance requirement is applicable.
• Basic Banking Account is non-profit bearing account.

24
 • 4 withdrawals from a Basic Banking Account through cheques in one
calander month are free of service charges. Additional withdrawals
through cheques in a calander of month shall be subject to service charge
@ Rs. 25/- per additional cheque.
• Soneri Banking Cards for the use of Bank's Electronic Banking Service
are issued without charges for one time issuance of the cards.
• Basic Banking Account holders may also use Soneri Bank's other
Electronic Banking Services subject to completion of applicable
formalities which shall be subject to applicable Service Charges.
• Account have -NIL- balances for six consecutive months shall be
closed without prior intimation.
• Statement of Accounts are provided once a calander year at the year
end.
• Govt. Withholding Tax apply on all cash withdrawals

f) Term Deposit Account

Term deposit is offered by Soneri Bank to Individuals (in single or joint names),
Minors (to be operated by the guardian), Charitable Institutions, Provident Fund and
other funds of benevolent nature local bodies, Autonomous Corporations, Limited
Companies, Firms, Associations, Educational Institutions etc who have the intention
of retaining their savings for a fixed period thereby earning a higher rate of profit. The
Term Deposit allows you to save a fixed amount in Pak Rupee for a set period ranging
from 1 month to 60 months at a provisional and attractive profit rate. The depositor
has the option to reinvest the deposit automatically with or without profit.

g) The Foreign Currency Account

The FCA is current/PLS account being dealt in foreign currency,particulars are same
as of Current or PLS account. We deal in ERU,DOLLAR and POND. There is
outward and inward remittance in foreign department. Inward remittance is coming
from foreign country Outward remittance, we send money foreign country. We launch
to the main branch and foreign currency is dealing with two days i.e. Monday and
Thursday. Inward and outward remittance report make in monthly basis.

3.4.2 Cash Department

25
Cash department is one of the most critical departments and it encompasses the
deposits of the bank and also of individual branches. The Cash Department of Soneri
Bank Ltd works under the operation department.

This department is given the complete responsibility of cash as a result of transaction

in local and foreign currencies. It is also responsible for the book keeping of these
transactions and the safe custody of cash. This department is one of the most sensitive
departments of the bank.

This department performs these main functions:

a) Cash receipts

b) Cash payments

a) Cash Receipts

In cash department depositors use deposit slip for depositing the amount into their
account. The officers checks if the deposit slip is properly filled up containing title of
account. Account number, date and amount in words and figures is also checked.
Detail on both counter file and cash receipt voucher should be the same. Cash is
received by the cash receiving officer twice counted and matched with the deposit
slip. The cash details are written on the back of the deposit slip and are also entered in
cash receiving register and the cash receiving stamp is affixed on the slip.

b) Cash Payments

Soneri bank deals with cash payments the process for payments of cheques local and
foreign currency is same. First the cheque is represented by the customer to cash
payment officer. He confirms that it is drawn on the same branch and the particulars
of cheque are properly filled. One signature of the customer is taken on the back of
the cheque. Cheque is handed over the officer cash department for security where
officer checks the date, amounts in figures and words. After proper checking account
is debited and cheque is cancelled by the officer. It is posted in the system and posting
stamp is affixed on it and then cheque is handed over to the cash payment officer for
payment.

26
3.4.3 Remittance Department

Remittance department is basically related to the internal working of the bank. This
department deals with the following types of working

27
 a) Pay Order

b) Demand Draft

c) ATM

d) Debit Cards

e) Credit Cards

a) Pay Order

If one party is not certain about other then they requested for pay order instead of
cheque. Pay order minimize the risk. Pay order is the bank’s instrument; bank issued
the pay order after checking the status of account of party who is making this note in
the favor of other party.

After issuing the pay order now its bank responsibility to pay the cash to party.

• Pay order used within the city

• Its validity for six month.

b) Demand Draft

Demand Drafts are used for the transfer of money between the cities.

"A demand draft is a transferable instrument issued by the bank, on account of

a person, and drawn on its own branch in the precise city or on the branch of a
different bank in that city(in cash bank doesn't have any branch there),
demanding it to pay the specified amount to the person named on it"

Demand drafts are used to make outstation payments or to transfer money, out of city.
Hence, a Demand Draft is always made for a detailed city.

c) ATM

Soneri Banking Card offers convenient and 24 hours –a-day, 365 days a year access
to ATMs across the country. When traveling within Pakistan, used the card at Soneri
Bank's own network of ATMs and hundreds of ATMs displaying either the 1-link or
M-Net symbols.

28
 d) Debit Cards

Soneri Debit Card/Banking Card may also be used to pay for purchases/services
made/availed from merchants.. soneri Debit Card does not involved any repayments,
interest charges or monthly billing, as you are using customer's own funds in
customer's account.

3.4.4 Agriculture department

Agriculture department is relatively a new department and its goal is to provide new facility
to the medium sized formers to cultivate their lands and to play their parts in the betterment
of the country. Following agriculture finance facilities are provided by Soneri Bank Limited
at its selected branches:

Production Loans:

Production loans are offered to meet the input and other working capital requirements
for farming, orchards and nursery, tunnel farming, storage of raw material,
transportation marketing grading and packing etc., by farmers.

Development Loans

Development loans are offered for the purchase of tractors, trolley, thrashers, ploughs,
cultivators, laser levellers, combine harvesters, processing machinery, transport for
delivery of dairy, poultry, fisheries. Installation of tube-wells, turbine, land levelling,
soil improvement, land reclamation, seed processing units and for godowns, silos and
cold storages.

Livestock

To meet the fixed cost and working capital requirements for cattle farming, cattle feed
units, dairy farming, poultry farming; poultry feed units and fish farming.

29
 Repayment Period

Principal amount of Finance plus mark-up thereon is repayable depending upon

nature of business ranging from one to five years. Revolving facility is also available
under specific terms

3.4.5 Clearing Department

The basic function of the clearing department is to facilitate the customer; it provides them
the services in collection of their cheque in other banks

In stamping procedure, the pay-in-slip counter foil the following three stamps are used
transfer, transfer delivery and clearing .If the cheques is for the same bank, and drawer and
the payee both have the account in the same bank, the simple bank stamp is used, and this
stamp indicates the transfer of cheques from one account to another account. This cheque is
directly moves towards posting in computer terminal where the computer operator debit one
account and credit the account of another party. This stamp is known as the Transfer stamp. if
the cheque is for same bank but deferent branches, transfer delivery (TD) stamp is used and
the cheques is different banks then used clearing stamp. Inward clearing cheque in our bank
because of the clearing in my bank. Outward cheque in other bank because of the clearing in
other banks. OBC (outward bill collection) there are two type of OBC direct OBC and
indirect OBC. OBCs are those bills which came from different cities for collection through
mail. The clearing officer collect the OBCs from dispatch at morning and enter them into the
OBC register after entering vouchers and after this he enter those OBCs into the computer
and logged them from clearing in NIFT.NIFT is working as clearing houses on behalf of state
bank of Pakistan. At the end of the day the OBCs come back from NIFT. The OBCs which
are realized the officer in register write realized in front of it after entering he make three
journal credit voucher income commission, FED and courier charges . which are return he
write return in front of it and the bill which are return due to any reason are sent back to the
branch where it came from.

30
CHAPTER NO. 4 INTERNSHIP EXPERIENCE
Work Description

I worked at Soneri Bank Limited, Muslim Town, Branch, Kurri Road, Rawalpindi. as an
internee. The bank Manager told me about the rules and regulations and a brief history of the
bank. Later on, he told me the basics of some operations of the departments in the bank.
Though, I was supposed to serve in all possible departments, yet I served the Accounts
department the most During my internship at Soneri Bank Muslim Town, Branch, Kurri
Road, Rawalpindi, my description was as unde.

4.1 Clearing

4.2 Cheque Book issuance

4.3 Dispatch

4.4 Customer service

4.5 Challenges faced

4.6 Skills used and acquired

The description of these works is as under

4.1 Clearing

During my internship, I was responsible for the clearing along with Mr. Saleem Rafique OG-
I. Clearing is the process by which the banks settle their claim against each other. The process
of clearance is carried out through National Institutional Facilitation Technologies (Pvt.)
Limited (NIFT). NIFT is responsible for the establishment and management of clearinghouse
facilities in PAKISTAN.

In the clearing department the customers are provided with the pay in slip. They fill the slip
and attached the cheques with this slip and hand it over to the head of the department. The
cheque clearance process takes minimum one day and maximum 48 hours and the amount of
the customers is credited to their accounts after scrutinizing those cheques whether of the
same bank or any other bank. I have learnt many other tasks as well.

31
  Posting of cheques

 Placing token numbers on the cheques

 Recording of the cheques received for clearance

 Procedure of writing demand draft and pay order

 Check the account balance through the software SBL is using

 Preparing and issuing cheques books.

This is all I have learned from my supervisors as the area of the branch is very small I was
able to observe all the departments and able to learn many things all the departments in the
bank are linked with each other. I spent about 6 weeks in the bank so my responsibilities are
to prepare the vouchers of the previous working day. Recording of the cheques received for
payment, balancing the amounts of those cheques with the amount of cheques posted write
the amount of pension in the pension book and mark the increase if there is any. On the
whole I was duly involved in most of the activities of the bank.

4.2 Cheque Book Issuance

During my tenure I issued a lot of cheque books under the supervision of Mr. Muhammad
Balti. These cheque books are issued under different circumstances as follows::

• Issue for the first time

• Issue when old one is finished

• Issue when the previous one is lost

Issue for the First Time

Check book is issued to the account holder for the first time after 5 days of account opening.
The account holder then fills the cheque book issuance request slip. After that the person on
duty (me) stamps the cheque book with the account number and the branch name. The
account holder’s signatures are taken on the receipt provided to him. Two signatures are

32
taken on the back of the request slip as well. No charges are taken from the person at the spot
rather an amount is debited from his account.

33
Issue when the Old One Is Finished

In this case the account holder brings his old cheque book to the banker. The banker (me)
detaches the white leaf in it and writes the beginning and ending leaf numbers of the issuing
cheque book. After this he takes two signatures on the back of this leaf. After this he stamps
the check book and gets it received by taking signatures on the record register. The cheque
book is ready to be issued.

Issue when the previous One Is Lost

The procedure same as explained in first case except that in place of providing the letter of
thanks the account holder is supposed to provide the affidavit.

4.3 Dispatch

I was responsible for making the dispatch for the bank as well. The dispatch of the branch
included mail transfer, Short Credits, Responding Branch Vouchers, etc. The work involved
packing the documents to be dispatched and recording them into TCS register.

4.4 Customer Service

Remaining at the same desk, I was also engaged in provision of different information to the
customers on:

• Soneri Ghar Scheme and distributing forms of the scheme.

• Personal Scheme and distributing forms of the scheme.

• Cheques paid or not after consulting the clearance register

4.5 Challenges Faced

The banks hesitation to reveal certain facts and figures apart from major managerial and
organizational secrets made it slightly difficult to gain all the information that would have
resulted in a report applicable to the organization as whole along with remedial suggestions.

34
4.6 Skill Used and New Skills Acquired

I used following skills during my internship

• Communication skill: It helped me to deliver the information to the customers,

agents and while interacting with colleagues and management.

• Record keeping skill: Record keeping skills helped me in maintaining the

records of the bank.

New Skills Gained

I gained lot of skills during my internship and besides them, the important once are: -

• Communication with top level management and colleague

• Customer dealing and learned how to deal with different type of customers

• Conflict resolution how to solve the conflict related to the customers problems

35
CHAPTER NO. 5 CRITICAL AND MARKETING ANALYSIS
5.1 SWOT ANALYSIS

There are following strength weakness opportunity and threats for SBL.

5.1.1 Strength

Supportive environment for learning

As mentioned in the report environment in Soneri is conductive for learning and as an

internee I was give full support and encouraged to diffuse the knowledge with my
learning capabilities. Anyone wanted to be blended in a professional banking
environment can be immensely benefited by the Soneri Bank's professional
environment. More opportunities for career development thus resulting in more
dedicated work force.

Dedicated banking for SME sector

Soneri bank pays special attention to the SME sector thus resulting in a more
professional and focused approach for the profound sector. So there is more to learn
and serve for this important sector.

Collaboration

SBL collaborate with different cellular companies to provide bank statement on their
customer’s cell phone.

Reaching Far Distant Lands

Reaching far distant land like Northern Areas thus grabing first mover advantage.
First mover advantage for any organization in any field is the key to become market
leader. Some goes for Soneri Bank because it has ventured in the in the northern areas
before any other bank and certainly this venture gets Soneri Bank a higher position
and special position in the minds of people.

36
Workforce

Loyal workforce and satisfied Customers.

5.1.2 Weaknesses

Advertising & Publicity

As per bank policy, advertising and publicity is not extensively emphasized. Through
advertisement customers could be kept abreast with the product and services.

Less Affective Software

One of the most visible weaknesses is the software. Not that the software is itself
faulty, but it becomes less effective with the wavering link with the head office. If the
customer returns because he/she is not properly entertained is definitely not is favor of
any organization. So attention should be given to the matter in hand.

Broken down on-line

It is same problem as mentioned earlier. Wavering link often stops the entire working
thus resulting in nothing but to wait for the link to become effective again. So of
being idle the link should be upgraded as a first priority because broken links makes a
no. of services irresponsive.

Broken Down ATM Network

This is also a staggering problem. ATM's have become a most essential facility of all
the banks and no. of people gets benefit from them. But it is obviously annoying to
see an ATM that is shut out. It may be a problem for the bank in this age of
competition.

37
5.1.3 Opportunities

Establishing Foreign Branch Network

As mentioned earlier opening new branches in abroad will will definitely give Soneri
Bank more insight into the global markets thus making it more responsive to the latest
trends in banking.

Information Technology

I.T is booming in the current age, so besides taking all measures transfusing I.T in all
fields will definitely give Soneri Bank an edge for providing quality services

Penetration Of Current Products

In addition to the excellent routine banking, it has earned a good name by offering
special products like Soneri car finance, ghar finance and personal finance. So the
penetration of these products could enhance the market share.

Islamic Banking

SBL has launched another division know as Islamic Banking. This new aspect will
also attract a large number of people, who don’t want to deal with interest bearing
bank.

Advertisement

If SBL focusing on advertisement it would be good for organization, because

promotions makes people know about the products of SBL.

Extension Of Serving Markets

This is in reference to the above mentioned point. If the bank is present in more
locations it will definitely give an opportunity to get benefited by the local
representatives phenomenon.

Online Banking

38
As it is an age of I.T, more products easily attainable by the customers over internet,
more will be the credibility of the bank in their minds as a quality service provider.

Night Banking

If management of SBL giving facility of night banking to its customer. I think it

would also attract the other bank customers.

5.1.4 Threats

Competitors

While doing business, threats are part of business. Especially, in this era, most of the
financial institutions are working as Private Limited Company and facing or have a
fear of threat from their competitor as well as new entrants. In order to maintain as
well as enhance the market share, SBL always try to introduce new schemes
/packages like Soneri generator finance etc

Rate Of Inflation

In our country, the rate of inflation is increasing along with unemployment. So due to
increase in price of the products, the saving of the people is decreasing with passage
of time. So it is threat for banking sector. In future the deposits of the bank will
decreases.

Foreign Banks

The number of banks in Pakistan increasing with passage of time. Foreign bank like
to open their branches in Pakistan. So it would be threat for SBL.

Offering same products

SBL has also threat with different bank who are offering the same product like

• Home finance

• Car Finance

39
 • Self Finance

• Education Loan

5.2 PEST Analysis

5.2.1 Political:

Political factors influencing the bank performance. We have seen, 10 yrs back the
banking sector in Pakistan was flourishing, and the reason was political stability. Now
the banking sector is declining not able to meet the required requirements by SBP.
The reason is political instability. Particularly, agriculture people get benefits due to
relations with politicians. Such people get loan and job on references.

5.2.2 Economical:

Population of Pakistan is very rich as compared to other countries. So economical

factors are good for banking sectors. Soneri Bank always looking forward to cater
their customer by its attractive offers like Basic Banking A/C for salaried persons.
SBL has mission that “we have more tome for you”

5.2.3 Social Factors

Social and cultural factors are affecting the bank. Majority of the population is un-
educated and unaware of the benefits of banking sectors. They have low saving and
want to keep money with them.

5.2.4 Technological factors:

Technologically, SBL is strong and this element strengthens to SBL. Online banking
advances and any transactions bank has speedy network. The reason of their speedy
network they have limited operations. Their first priority is customer satisfaction. For
this they have established IT- Department in every branch to cater network problems.

40
5.3 Marketing Analysis

5.3.1 Marketing Overview

The competitive field of the banking is changing rapidly. Banks are now becoming more
paying attention in identifying customer needs and then making of competitive marketing
strategies in order to attract and retain their current as well as prospect customers.

Knowing customers and their needs is the key to Soneri’s success. Their products and
services are as diverse as their target market. Their clients relationship managers as well
equipped and well trained to provide the most efficient and personalized services to their
customers.

Soneri Bank now focus on relationship marketing than simple relationship. Soneri Bank Ltd
due to the advancement in technology is continuously changing its products and services to
meet their customer needs. Now the products offered by Soneri like Soneri Ghar, Soneri
Generator are being increasingly branded in order to create product differentiation emphasis
brand recognition, enhance brand demand and ensure brand loyalty.

5.3.2 Marketing Mix:

The concept of marketing mix is very important in the business literature. Marketing mix is a
combination of a number of marketing elements according to a market situation. If a
businesses successful to apply all marketing program then it competes, stays and earns profit
in the market.

Marketing mix is defined as

“The set of controllable tactical marketing tools that the firm blends to produce in
response to wants in the target market.”

The various elements of marketing mix are as follows;

a) Products
b) Price
c) Place
d) Promotion

41
 a) Products

Soneri Ghar Financing

Soneri Ghar Financing offers the easy way to owning a house of choice, while living in it at
its rental value. The installment plan has carefully designed to suit both the budget &
accommodation requirements. It has been designed for enhancing financing facility initially
for employees of corporate companies for purchase/ construction/ renovation of house. Soneri
bank provide finance for the purchase of pre-constructed residential property or for the
construction of residential property on self owned plot of land or for the extension /
renovation on self owned & occupied property.

Business Financing

In pursuance of the National objectives to revive the economy of the country, SBL is
providing loans to small and medium size business enterprises under Soneri Bank's
Commercial Finance Scheme. Our goal is to offer a loan, which enables business community
to receive the financing required by them based on their cash flows. Our valued customers
can enjoy the convenience of getting financing on attractive terms with the minimum
processing turnaround time.

Personal Financing

Personal Finance is a parameter driven product for catering to the needs of the general public
belonging to different segments. One can avail unlimited opportunities through Soneri Bank's
Personal Finance. With supreme finance features in terms of loan amount, payback period
and most affordable monthly installments, Soneri Bank's Personal Finance makes sure that
one gets the most out of his/her loan. Once a good credit history is established, the door to
opportunity opens much wider.

SoneriCards

Soneri Bank is committed to provide you innovative and competitive solutions to your
banking needs in a more efficient and personalized manner. Your Bank enjoys a strategic
competitive advantage over all domestic players by virtue of its leadership, large network and
technological advancement. In line with our tradition of innovation, Soneri Bank takes pride
in announcing launch of Soneri Bank's Vias Debit Card.

42
Debit Card brings to you the ultimate facility of spending and making payments. You are
honored to avail the supreme opportunities and benefits of the Visa CLASSIC Card and Visa
GOLD Card. With the ‘Buy Now – Pay Now’ facility, you pay directly from your bank
account. Use your SONERI Visa Debit Card wherever you are and whenever you want.

Soneri Debit Card means freedom, comfort, convenience and security, so that you can have
retail transactions with complete peace of mind. Soneri Debit Card is your new shopping
companion which enhances your quality of life by letting you do shopping, dine at
restaurants, pay your utility bills, transfer funds, withdraw and deposit cash through ATM
anywhere, anytime.

b) Price

Prices of Soneri Bank products are so reasonable & competitive. They have different markup
for different types of products. Price comparison table of Soneri Bank with its competitors is
as under: -

Products Soneri Bank Ltd UBL AlFalah Bank

1 year KIBOR + 3% 1 year KIBOR+

House Financing 1 year KIBOR+ 4.5%
on yearly basis 4.5%

1 year KIBOR+2%
Up to 3 years 18% Fixed rates ranging for salaried person
from 10.55% to
Personal Financing Up to 5 years 22% 22.99% 1year KIBOR +3 %
for Business

Initial charges
Initial charges RS.580 for debit card Initial charges for
Cards
Rs.500 for debit card debit card is Rs.550

c) Place

Soneri bank Ltd. has its wide network of branches in every part of the country. SBL is very
particular in opening the branches at appropriate time and at the appropriate place where the
bank found feasibility and profit. Soneri bank has 52 branches in Karachi. During year 1996
SBL opened five new branches. The bank continued to consolidate its operations during the
year 1999, and did not go for any major expansion in branch network. During the year 2000 a
new branch opened in Quetta Cantt. The Peshawar road branch in Rawalpindi had already

43
started their opening activity which was opened on 11 Sept 2001. Now the overall network of
SBL has reached to 184 branches in different parts of the country.

Apart from tapping new sources business and deposits, the new branches would also reduced
the heavy load on the main Muslim Town branch and thereby enabling the bank to improve
further standards of services and customer satisfaction. So the placement SBL is doing is very
appropriate.

d) Promotion

Executive efforts have been made to increase the press coverage and advertising to create and
market the banks, corporate as well as product/brand image. Now the products offered by
SBL are increasingly branded.

Recently soneri bank limited launch a scheme for promoting their products like Visa/Debit
Cards by providing their customers a chance to win LCD's, Dubai Air Tickets, TVs, Mobile
Phones and many other exciting prices by just choosing their Visa/ Debit Card numbers and
use them in Lucky draw. The condition is only that their customers spend Rs. 300 or more by
using their Debit Cards.

Soneri believes in taking utmost care of their customers and society. This is how they do
business, and is the core of their overall strategy to make Soneri bank the bank of first choice
in the region. It requires them to make informed, reasoned and ethical decisions about how
they conduct their business.

Soneri bank supports the community in which they operate both through the involvement of
their employees and through sponsorships. Persons with physical, sensory or mental
impairments, that can make performing and every day task more difficult have special needs.
They are a part of Soneri and at Soneri bank enthusiastically promote function organized for
them. Soneri sponsored the first national talent exhibition of persons with disabilities where
special persons from around Pakistan attended and displayed their extra ordinary talent. They
support charitable organization working for the promotion of health and welfare, the major
once being Agha khan hospital and medical college foundation, Shaukat khanum memorial
trust, world wild life fund (wwf).

44
CHAPTER NO. 6 CONCLUSION AND RECOMMENDATIONS

6.1 Conclusion

Soneri bank Limited is engaged in banking service, and operate more than 184 branches
including four Islamic Banking Branches in Pakistan. The bank operates in four segment
corporate finance, trading and sales, retail banking and commercial banking.

Within the span of 19 years, SBL has become the one of the largest private bank in the
country. There are about 112 correspondent banks in 31 countries of the world. Its capital
and reserves level is increasing day-by-day. Their main objective is to provide professional,
personalized and efficient service to the clients at all the times. SBL is always looking
forward to provide new and better services than their competitors.

They have told me that two more branches will be operational by the end of this year. SBL is
adopting and implementing on Growth Strategy. These branches are located in commercial
areas. . They have clearly defined values and norms and they strictly practice their norms and
values.

To develop Soneri bank Limited into an aggressive and dynamic financial institution having
the capabilities to provide personalized service to the customers with cutting edge technology
and a wide range of products, and during the process to ensure maximum return on assets
with ultimate goal of serving the economy and society.

45
6.2 Recommendations

If I was the manager of SBL. There are following suggestions for SBL.

• The life cycle of an organization is comprised of threats as well as opportunities. If we

say, today the rates of challenges are too high but simultaneously the rate of opportunity
is also too high. It is obligatory to try to make progress with consistency as well as to
adapt changes with the need of time, in order to cope up with both conditions.

• In the prevailing scenario, SBL should penetrate further and capture various corporate
customer as well as retail customer by expanding their network.

• In addition to the excellent routine banking, it has earned a good name by offering
special products like Soneri car finance, ghar finance and personal finance. So the
penetration of these products could enhance the market share.

• SBL has launched another division know as Islamic Banking. This new aspect will
also attract a large number of people, who don’t want to deal with interest bearing bank.

• If SBL focusing on advertisement it would be good for organization, because

promotions makes people know about the products of SBL.

• Management should also open new branches is rural areas to capture market share.

• SBL can enjoy handsome return its funding base by investing in capital markets in the
foreign countries.

• If management of SBL giving facility of night banking to its customer. I think it

would also attract the other bank customers.

• Well at the same time SBL has some threats with different product line of their
competitors. Now what they have to do? They just reduce their mark up rate as compare
to their competitors. By doing this they may capture big market share. In long run it
would also beneficial for the bank.

• They must focus on their own Marketing team, rather than outsourcing, their own
Marketing team launches new ads.

46
• In Rawalpindi I have seen that the huge customer traffic in trading area (Corporate
section) rather than retail customer. The management should launch new offers for their
old customer as well as dissatisfied customers of other banks.

• Management should give their customer good mark up rate.

47
REFERENCES

• www.nbp.com.pk

• www.nbp.com.pk/An_Report.htm

• www.google.com

• www.wikipedia.com

• Allen.F, Myers.C.S, & Brealey.A.R.(2007).Principles of Corporate Finance. The

Wharton School. University of Pennsylvania.

• James C. & John M.(1998). Financial Management. Eleventh Edition. Stanford

University press USA.

• White.G.L. & Sondhi..A.C (2005). Financial Analysis. Third Edition. Stern School of
Business, New york University Press.

48