LAHORE: The Bank of Punjab has signed Memorandum of Understanding (MoU) with EXIM BANK of Pakistan Limited in order to support in development of business structure and business model for EXIM Bank Pakistan. Under the MoU, both BOP and EXIM would engage with multilateral and bilateral institutions for its product and service platform development and discuss the potential offerings with all major Chambers of Commerce and Financial Institutions in the country.
The MoU was formally signed on March 10th 2021 in Lahore at the Head Office of BOP by Group Head, Treasury & FI and Senior Joint Director of EXIM Bank Limited. Presidents of both the banks were also present on the occasion.
The objective of this MoU is to extend BOP's support to EXIM in technical assistance for the IT infrastructure development, devising banking policies, finalizing the insurance policies that it will bring to the market. Work with State Bank of Pakistan in for creating a set of Prudential Regulations that will support the needs of EXIM Bank in meeting its mandate requirements developing new export opportunities and cooperation to create a national distribution network with stakeholders' consultation in order to put EXIM into operations.
Speaking at the occasion Zafar Masud (President & CEO - BOP) said that the cooperation between two institutions shall reinforce our commitment to serve all exporters with a focus on small exporters who need equipment financing for enhancing their productive capacity and contribute directly in the economic growth of the country.-PR
Copyright Business Recorder, 2021
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