U microfinance bank enters into strategic partnership with MCB bank

President and CEO U Microfinance Bank Limited (U Bank) Mr. Kabeer Naqvi and President and CEO MCB Bank Limited (MCB) Mr. Shoaib Mumtaz signed a Memorandum of Understanding (MOU) of strategic partnership to promote financial inclusion in the country.

This collaboration between the institutions will establish a long term, stable and mutually beneficial strategic partnership. This strategic partnership creates a platform for strengthening U Bank’s capability to provide a comprehensive range of banking services and promote various forms of cooperation including medium to long term Debt Finance, Housing Finance, Microfinance Funding and various other funding options.

Speaking at the occasion, Mr. Kabeer Naqvi, President and CEO of U Bank said, ”We are delighted to enter into this partnership with MCB, with whom U Bank has collaborated on number of successful syndications in past years. This partnership will help stimulate U Bank’s financial inclusion agenda and help the underserved segments of the country. Furthermore, this will allow us to create efficient synergies with both entities to design and introduce innovative financing solutions.”

President and CEO of MCB Mr. Shoaib Mumtaz said, “We appreciate our relationship with U Bank and look forward to further strengthening our engagement with them to promote financial inclusion. Facilitating housing credit to low income segments is a major priority of both the Government and the banking industry and we look forward to working in tandem with industry leaders to deliver quality services and financial solutions to the masses.”

The ceremony was held at MCB Bank’s Head Office with representation by senior management of both institutions. From MCB, Mr. Muhammad Nauman Chughtai – Group Head Risk Management Group, Mr. Salman Zaidi – Group Head Treasury and FX, Mr. Hammad Khalid – Chief Financial Officer, Mr. Shahzad Ishaq – Group Head Consumer and Digital Banking, Ms. Natasha Ahmed – Head Corporate North, Ms. Maziya Hussain – Division Head Marketing and Ms. Aqsa Omer Khan – Department Head Corporate Banking attended the ceremony. Ms. Mariam Pervaiz – Chief Commercial Officer and Chief of Staff, Ms. Ambreen Malik – Chief Business Officer and Chief Digital Officer, Mr. Farooq Kamran – Chief Corporate and Investment Banking, Mr. Mohsin Aslam – Head Budgeting Planning and Corporate Finance, Mr. Syed Muhammad Omer – Head of Business Analytics, Liabilities and Ms. Madiha Latif – Assistant Manager Corporate Finance represented U Bank.

About U Bank:

U Microfinance Bank Ltd. (U bank) is a wholly owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) – Etisalat. The bank has a network of more than 200 branches, across 183 cities and rural areas in Pakistan and offers a wide range of microfinance loans, deposit products and branchless banking solutions. U bank’s branchless banking offers services under the banner of UPaisa in collaboration with Ufone (Pak Telecom Mobile Limited). The service is offered at nearly 45,000 agent locations across Pakistan.

About MCB Bank:

MCB Bank, is one of the Largest & Most Innovative banks in Pakistan. The Bank operates a strong and vast network of Over 1,400 branches and over 1,450 ATMs in Pakistan and 11 overseas branches. With a customer base of over 7 million, MCB leads the banking and financial services sector in Pakistan and customers across the globe have 24/7 access to MCB Bank via our innovative and accessible Digital banking services.

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