Islamabad, November 08, 2021 (PPI-OT):President and CEO of U Microfinance Bank Limited (“U Bank”), Kabeer Naqvi, and President and CEO of JS Bank Limited (“JSBL”), Basir Shamsie, signed the mandate for raising Additional Tier-1 Capital. This partnership will not only strengthen the relationship between the 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, Kabeer Naqvi, President and CEO of U Microfinance Bank, said, “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,” he added.

Basir Shamsie, President and CEO of JSBL, praised U Microfinance Bank as an emerging player and recognizable brand and commented that JSBL was committed to 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,” he said.

The ceremony was held in the office of JSBL and was witnessed by the senior management of both Banks including Ahmed Ateeq – Group Head Investment Banking and Structured Finance, Mohammad Salahuddin – Unit Head Investment Banking from JS Bank, and Mariam Pervaiz – Chief Commercial Officer and Chief of Staff, Farooq Kamran – Head of Corporate Banking and Investments, and Mohsin Aslam – Head of Budgeting Planning and Corporate Finance from U Bank.

For more information, contact:
Head Office,
U Microfinance Bank Limited (U Bank)
2nd Floor, 13-B, Jinnah Super Market,
F-7, Islamabad, Pakistan
UAN: +92-51-111-182-265
Fax: +92-51-2275923
Email: complaints@ubank.com.pk
Website: http://ubank.com.pk/