KARACHI: United Bank Limited (UBL) recently concluded a USD based Standby Letter of Credit Facility (equivalent to Rs 8 billion) for Lucky Cement Limited (LCL), marking a major milestone in the collaborative relationship between one of the largest business houses and a leading bank.

The signing ceremony was held at Lucky Cement Limited’s Office located in Karachi. Participants included senior executives from both institutions including Nadia Tabassum – Deputy Head – CIBG & FIs, UBL, Raeel Rafique, GM – Treasury, LCL, Owais Jamal, Head – Agency and Trustee Services, UBL and Aftab Ahmed, DGM – Treasury, LCL.

Atif Kaludi, CFO – LCL appreciated UBL’s management of the transaction during the ceremony, “We are immensely grateful to UBL for their exceptional service in arranging this facility for us. UBL has distinguished themselves through their initiative, efficiency, and competitive cost. This partnership has proven invaluable, and we look forward to continuing our collaboration with such a reliable and forward-thinking financial institution.”

Copyright Business Recorder, 2024