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April 16, 2021

SNBL, ECMCL enter into alliance

Business

April 16, 2021

KARACHI: Soneri Bank Limited (SNBL) has entered into a formal arrangement with Elahi CMC Limited (ECMCL), which will create financing convenient and accessible to a broader range of customers and cost-effective, a statement said on Wednesday.

The SNBL customers will get credit facilities by placing the imported and locally-produced goods, stocks, and commodities in an independent warehouse network managed by ECMCL, it added.

This strategic alliance will not only increase accessibility to finance customers but also bridge the credit financing gap by creating a reliable end-to-end solution for the storage of stocks as effective security. The collaboration will facilitate all sorts of businesses inclusive of SMEs, corporate, and commercial entities, it said.

Elahi CMC Limited is the first CMC registered with the Securities and Exchange Commission of Pakistan (SECP) under the new Collateral Management Regulations, 2019.

Elahi Group has been operating in the country since 1973 as a conglomerate with a strong foothold with warehousing, logistics, inventory management, and commodity trading. The customers of the bank will greatly benefit from the arrangement for obtaining financing against the pledge of goods/stocks with ECMCL as custodian/registered collateral management company, it added.