UBL, U Bank sign MoU

KARACHI: United Bank Limited (UBL) and U Microfinance Bank Limited (U Bank) recently signed a Memorandum of Understanding (MoU) to promote financial inclusion in the country.

The two banks aim to open up multiple avenues for collaboration, including medium to long-term debt funding, retail TFC, Islamic microfinance funding, commercial paper and synergising their businesses to scale.

President & CEO UBL Mr. Shazad G Dada and president & CEO U Bank Mr. Kabeer Naqvi presided the signing ceremony along with senior executives of both banks at UBL head office in Karachi.

“We are looking forward to our strategic alliance with U Bank, with an aim of expanding scope of financial inclusion across the country,” said Mr. Dada.

Mr. Naqvi said the partnership would focus at exploring avenues to collaborate, design innovative products, and work together in moving the banking sector forward. The alliance would help serve more customers and bring more Pakistanis in to the banking net, he added.

Mr. Farooq A Khan, Mr. Muhammad Tayyab Khurshid, Ms. Mariam Pervaiz, Mr. Muhammad Farooq Kamran, Mr. Mohsin Aslam, and other officials from both the banks were also present at the ceremony.