ISLAMABAD: U Micro-finance Bank (U Bank), one of the largest microfinance banks in Pakistan, has forged a strategic partnership with Bank Alfalah Limited, one of the country’s largest commercial banks, to secure a short-term financing facility of Rs 10 billion aimed to collaboratively facilitate U Bank’s corporate funding.
The collaboration was officiated in a formal ceremony held recently in Karachi, where Mohamed Essa Al Taheri, President & CEO – U Bank, and Atif Bajwa, President & CEO – Bank Alfalah, signed a Memorandum of Understanding in the presence of key management representatives from both the organizations.
Mohamed Essa Al Taheri, President and CEO - U Bank, spoke about the collaboration: “We are delighted to enter into this strategic alliance with Bank Alfalah that significantly contributes to our efforts towards offering inclusive financial products and services to the under-banked population, expanding our outreach further to more regions of Pakistan, and driving overall economic development in the country. At U Bank, we work towards creating real and meaningful impact In communities we serve, and this collaboration enables us to achieve that.”
Atif Bajwa, President and CEO – Bank Alfalah, expressed on the collaboration: “The extension of this fully underwritten facility seeks to strengthen our partnership with U Microfinance Bank and reflects our commitment to promote financial inclusion in Pakistan. Our shared goal is to ultimately empower underserved communities and drive inclusive economic growth.”
Copyright Business Recorder, 2023