Kabeer Naqvi, President and CEO of U Microfinance Bank Limited (U Bank), Aizid Razzaq Gill, President and CEO of Allied Bank Limited (ABL), and Alee Khalid Ghaznavi, CEO of ABL Asset Management Company Limited (ABL AMC), signed Memorandums of Understanding (MOUs) for a strategic partnership to promote financial inclusion in the country.
This partnership between the organisations would pave the way for the unbanked people to have access to financial and social services. Medium to long-term Debt Finance, Structured Finance, Housing Finance, Islamic Finance, Mutual Funds, and several other funding choices are among the areas of focus for UBank, ABL, and ABL AMC.
Kabeer Naqvi, President & CEO of U Bank, noted at the event that the bank’s strategic collaboration with the ABL group will boost the bank’s capacity to deliver a comprehensive range of financial services to the underserved.
“This will also allow us to create efficient synergies with both entities to design and introduce innovative financing solutions,” he added.
Aizid Razzaq Gill, President & CEO of ABL, praised U Bank’s cooperation with the bank and indicated a wish to deepen their partnership in the future.
He also spoke on the importance of establishing industry-wide lending rules to reduce non-performing loans and investing in human resources to provide high-quality services and financial solutions to the general public.
Alee Khalid Ghaznavi, Chief Executive Officer ABL Asset Management, said, “We are excited for this strategic alliance with U Bank which brings us closer to our vision of providing innovative solutions to help investors reach their investment goals and create a lasting impact at large.”
Senior management from both institutions attended the ceremony, which was held at ABL’s headquarters and witnessed by Mujahid Ali, Group Chief of the Information Technology Group, Sohail Aziz Group, Chief of the Digital Banking Group, and Moin Khalid, Group Chief of the Risk Management Group from ABL.
Syed Khalid Husain, Country Head of Business Development, Saqib Mateen, CFO, Muhammad Asif, ABL AMC’s Head of HR, and Mariam Pervaiz, Chief Commercial Officer & Chief of Staff were also present.
Muhammad Farooq Kamran, U Bank’s Head of Corporate Banking & Investments, Mohsin Aslam, Head of Budgeting Planning & Corporate Finance, and Madiha Latif, U Bank’s Assistant Manager of Corporate Finance, were also in attendance.