Soneri Bank, AFS sign accord

KARACHI: Soneri Bank Limited has signed an agreement with Advanced Financial Solutions (AFS) to facilitate the first with IFRS 9 compliance in line with the regulatory guidelines of Pakistan, a statement said on Tuesday.

The agreement would see AFS develop IFRS 9 models for Soneri Bank Limited, to enhance its credit scorecards for optimal risk undertaking in the light of fluctuating dynamics of the market and provide strategic solutions for model management, it added.

Mubarik Ali, chief risk officer of Soneri Bank, said that the bank found AFS to be the right partner to work with, as the bank value the potential of dealing with an international consultant and solutions provider with proven track record of similar engagements in mature markets based on their combined ability to implement software and advice on best practices.

“Soneri Bank is one of the 1st banks in Pakistan to have signed up for advisory services and risk management solutions of AFS; who formally entered the Pakistan market in the beginning of this year and who have already developed IFRS9 models for Pakistan to facilitate their clients in the country,” Ali said.

Sadaqat Sattar, country manager of AFS, said: “Our association will not only result in the bank being self-sufficient in complying with the international financial reporting standards, but also lead to a positive impact on its risk and credit management going forward.”