Bank Alfalah Limited, U Micro-finance Bank sign agreement to
secure financing of Rs 10 billion
Bank Alfalah Limited, one of Pakistan's major commercial
banks, and U Micro-finance Bank (U Bank), one of the largest microfinance banks
in the country, have entered into a strategic collaboration to secure a
short-term financing facility of Rs 10 billion. This collaborative effort aims to
facilitate U Bank's corporate funding.
The official agreement was formalized in a recent ceremony
held in Karachi, where Mohamed Essa Al Taheri, President & CEO of U Bank,
and Atif Bajwa, President & CEO of Bank Alfalah, signed a Memorandum of
Understanding. The ceremony was attended by key management representatives from
both organizations.
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Mohamed Essa Al Taheri, President and CEO of U Bank,
expressed his enthusiasm about the collaboration, stating, "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 the communities we serve, and this collaboration enables us to achieve
that."
Atif Bajwa, President and CEO of Bank Alfalah, highlighted
the significance of the collaboration, stating, "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."
Source: Business Recorder