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U Microfinance Bank Enters into Strategic Partnership with MCB Bank

LAHORE, Pakistan: President & CEO U Microfinance Bank Limited (U Bank) Mr. Kabeer Naqvi and President & CEO MCB Bank Limited (MCB) Mr. Shoaib Mumtaz have signed a Memorandum of Understanding (MOU) of strategic partnership to promote financial inclusion in the Country.

This collaboration between the institutions will establish a long term, stable and mutually beneficial strategic partnership.

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This strategic partnership creates a platform for strengthening U Bank’s capability to provide a comprehensive range of banking services and promote various forms of cooperation including medium to long term Debt Finance, Housing Finance, Microfinance Funding and various other funding options.

Speaking at the occasion, Mr. Kabeer Naqvi, President & CEO of U Bank said, “We are delighted to enter into this partnership with MCB, with whom U Bank has collaborated on number of successful syndications in past years. This partnership will help stimulate U Bank’s financial inclusion agenda and help the underserved segments of the country. Furthermore, this will allow us to create efficient synergies with both entities to design and introduce innovative financing solutions.”

President & CEO of MCB Mr. Shoaib Mumtaz said, “We appreciate our relationship with U Bank and look forward to further strengthening our engagement with them to promote financial inclusion. Facilitating housing credit to low income segments is a major priority of both the government and the banking industry and we look forward to working in tandem with industry leaders to deliver quality services and financial solutions to the masses.”

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The ceremony was held at MCB Bank’s Head Office with representation by senior management of both institutions.

From MCB, Mr. Muhammad Nauman Chughtai – Group Head Risk Management Group, Mr. Salman Zaidi – Group Head Treasury & FX, Mr. Hammad Khalid – Chief Financial Officer, Mr. Shahzad Ishaq – Group Head Consumer & Digital Banking, Ms. Natasha Ahmed – Head Corporate North, Ms. Maziya Hussain – Division Head Marketing and Ms. Aqsa Omer Khan – Department Head Corporate Banking attended the ceremony. Ms. Mariam Pervaiz – Chief Commercial Officer & Chief of Staff, Ms. Ambreen Malik – Chief Business Officer & Chief Digital Officer, Mr. Farooq Kamran – Chief Corporate & Investment Banking, Mr. Mohsin Aslam – Head Budgeting Planning & Corporate Finance, Mr. Syed Muhammad Omer – Head of Business Analytics, Liabilities and Ms. Madiha Latif – Assistant Manager Corporate Finance represented U Bank.

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