KARACHI, Pakistan: The President & CEO of U Microfinance Bank Limited (“U Bank”) Mr. Kabeer Naqvi and the President & CEO of JS Bank Limited (“JSBL”) Mr. Basir Shamsie have signed the Mandate for raising Additional Tier-1 Capital.
This handshake will not only strengthen the relationship between two banks but will also open up multiple avenues for collaboration, including medium to long-term debt funding, credit structuring and synergizing their respective businesses to scale.
Speaking on the occasion Mr. Kabeer Naqvi, President & CEO of U Microfinance Bank said that we are delighted to collaborate with JSBL in raising debt instrument in the form of Additional Tier-1 Capital TFC in the Capital market. U Bank aims to establish a strong partnership with JSBL, which is intended at exploring avenues to collaborate, design innovative products and work together in moving the banking sector forward. This alliance will help us serve new customers and bring more Pakistanis into the banking net.
Mr. Basir Shamsie, President & CEO of JSBL praised U Microfinance Bank as an emerging player and recognizable brand and commented that JSBL is committed towards building strategic alliances with key market players. This partnership is in line with its vision and mission to seek new ways to enable its customers to shape their lives and businesses.
The ceremony was held in the office of JSBL and was witnessed by the senior management of both Banks including Mr. Ahmed Ateeq – Group Head Investment Banking and Structured Finance, Mohammad Salahuddin – Unit Head Investment Banking from JS Bank and Ms. Mariam Pervaiz – Chief Commercial Officer & Chief of Staff, Mr. Farooq Kamran – Head of Corporate Banking & Investments and Mr. Mohsin Aslam – Head Budgeting Planning & Corporate Finance from U Bank.