KARACHI: United Bank Limited (UBL) and U Microfinance Bank Limited (U Bank) recently signed a Memorandum of Understanding to promote financial inclusion in Pakistan and to open up multiple avenues for collaboration, including medium to long term debt funding, retail TFC, Islamic Microfinance Funding, commercial paper and synergizing their respective business to scale. The ceremony was held in UBL Head Office in Karachi.

The signing ceremony was presided by Shazad G Dada, President & CEO UBL and Kabeer Naqvi, President & CEO U Microfinance Bank Limited along with senior executives of both banks including Farooq A Khan, Group Head CIBG & FI, Muhammad Tayyab Khurshid, Unit Head FI and other executives from UBL and Mariam Pervaiz, Chief Commercial Officer & Chief of Staff, Muhammad Farooq Kamran, Head of CB&I and Mohsin Aslam, Head Budgeting Planning and Corporate Finance from U Microfinance Bank Limited.

Shazad G Dada, President & CEO UBL, at the event, said “As the ‘Best Digital Bank’ of Pakistan, we are looking forward to our strategic alliance with U Bank, with the aim of expanding the scope of financial inclusion across the country. It presents an exciting opportunity to further strengthen our digital prowess to bring state of the art financial solutions to our combined customer bases.”

Kabeer Naqvi, President & CEO U Bank said “We are delighted to establish this partnership, which is aimed at exploring avenues to collaborate, design innovative products and work together in moving the banking sector forward. This alliance will help us serve more customers and bring more Pakistanis in to the banking net.”

Copyright Business Recorder, 2021