VIS reaffirms corporate governance rating of ABL at CGR-9+

KARACHI: VIS Credit Rating Company Limited (VIS) has reaffirmed the Corporate Governance Rating of Allied Bank Limited (ABL) at "CGR-9+". The rating signifies very high level of corporate governance. The previous rating action was announced on April 02, 2020. The corporate governance ratings are based on evaluation of key governance areas of the rated institution, including regulatory compliance, ownership structure, composition and operations of the board of directors and executive management, self-regulation, financial transparency and relationship with the stakeholders.

The assigned rating incorporates a well-established corporate governance framework rolled out by the bank supplemented by strong financial transparency and effectively functioning board and management level committees. Management team of the institution comprises seasoned professionals; stability in the same is a key rating contributor. Level of financial and qualitative disclosures in the public domain is satisfactory. Moreover, overall control environment of the institution is considered strong.-PR

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