The Pakistan Cricket Board (PCB) and National Bank of Pakistan (NBP) have signed a memorandum of understanding (MoU) to rename the National Stadium in Karachi to National Bank Cricket Arena, it was announced on Tuesday.

“The PCB National Bank of Pakistan have signed a five-year Memorandum of Understanding (MoU) for the naming rights of one of the country’s most iconic Test venues, the National Stadium in Karachi. As such, the venue will now be known as the National Bank Cricket Arena," the PCB said in a statement.

“Besides the naming rights agreement, the PCB and NBP will also collaborate and partner on sponsoring initiatives to promote and develop grassroots cricket across the country, including supporting the PCB initiatives of scouting local talent in the rural areas of Pakistan.”

As per the MoU, the NBP will be allowed to use the venue nomenclature and signage outside the playing area.

PCB Chairman Ramiz Raja said, “I want to welcome National Bank of Pakistan back in the PCB family after having supported Pakistan cricket in the past.”

"NBP again partnering with the PCB is a great news as this reflects that prestigious organisations are willing to be associated with the Pakistan cricket brand as they see a lot of value in it for themselves.

“Additionally, I am grateful to the NBP for also extending support to the PCB Pathways Programme,” he said. “I have always emphasised on creating processes for the raw talent that can be professionally channelized into the national framework. This partnership with NBP is a significant movement in that direction.”

NBP President and CEO Rehmat Ali Hasnie stated, “We are delighted to partner with the Pakistan Cricket Board. The National Stadium, Karachi is one of the most iconic cricket venues in the world and has hosted some of the legends of all eras since Test cricket was first played there.

“We are honoured to associate with such an incredible cricket venue, our endeavour during the next five years would be to help the PCB further uplift the venue while making contributions to Pakistan cricket across the country at the grass root level simultaneously."

The stadium's stature

The iconic stadium is the largest cricket ground in Pakistan with a capacity of over 34,000.

Built in the early 1950s, the stadium has so far hosted 45 Test matches, 52 One-Day Internationals (ODIs), and 11 Twenty20 Internationals (T20Is).

Pakistan's cricket team has a remarkable Test record at the ground, having only lost twice in 45 matches.