Meezan Bank, Pakistan's first and largest Islamic Bank has entered into a strategic cooperation alliance with Pak China Investment Company Limited (PCICL) for promotion of bilateral trade and investment between Pakistan and China. Ariful Islam Deputy CEO of Meezan Bank and Li Peng, Managing Director of PCICL jointly signed the MoU at a ceremony held in Islamabad.
As per the agreement, Meezan Bank and PCICL shall strive to facilitate businesses of both the countries in undertaking strategic projects, particularly those covering China Pakistan Economic Corridor (CPEC). Meezan Bank and PCICL shall collaborate in various areas of bilateral cooperation, where PCICL will benefit from Meezan's commercial banking operations and extensive branch network of over 550 branches, corporate & investment banking, trade, commercial/ SME financing, treasury operations etc.
Whereas PCICL with a strong presence in China through its parent organisation China Development Bank (CBD); holds a strong industry standing and will introduce Chinese investors/corporations to Meezan Bank in order to mutually explore business avenues for greater cooperation and benefit via CPEC projects.
During their addresses at the ceremony, Ariful Islam and Li Peng both highlighted the importance of this strategic alliance, which will not only provide multiple and significant business opportunities to Meezan Bank and PCICL, but will also play a pivotal role in further strengthening the relations between the two countries by providing diverse array of Individual, SME, Commercial, Corporate, China Advisory & Investment services etc.
PCICL is a JV between Pakistan and China Governments through Ministry of Finance of Pakistan and China Development Bank respectively. The company started operation in 2008. The board is represented equally by six directors, three Chinese and three Pakistani. PCICL provides Financing, Equity Injecting, Non-fund Based Financing and Advisory Services to valuable clients. PCICL is a leading DFI in Pakistan. PCICL has access to the Local as well as Chinese Capital Market, which gives it edge to access to fund any capital requirement. PCICL has a dedicated China Advisory desk for match making and finding appropriate Companies for varied areas with the objective of "Creating Partnerships" for the promotion of trade and investments.
Meezan Bank is the eighth largest bank in Pakistan. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 550 branches supported by a countrywide network of over 500 ATMs, VISA and MasterCard Debit cards, a 24/7 Call Centre, Internet Banking and Mobile Banking facility.