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corporate watch

March 21, 2017

Award for Bank Alfalah

KARACHI: Bank Alfalah, has bagged the International Finance Magazine Award in ‘Best Credit Card Offering’ category at IFM Awards organised by International Finance Magazine in Singapore for recognising best-in-class banks and financial institutions, a press release said.

The award was presented after thorough evaluation of Bank Alfalah’s credit card service. Mr. Atif Bajwa, President and Chief Executive Officer, Bank Alfalah, said, “Bank Alfalah is one of the leading consumer banks of Pakistan and continues its strive to offer the best in value to customers.

Al Meezan Investments attains highest rating

KARACHI: Al Meezan Investments (Al Meezan) has achieved the highest possible Management Quality Rating of AM1 which denotes ‘Asset manager exhibit Excellent management characteristics’, a press release said.

Mr Mohammad Shoaib, CFA, Chief Executive of Al Meezan said the rating upgrade reflects the company’s strong franchise and sizeable as well as increasing market share with continuous growth in retail penetration.

Vodafone India and Idea Cellular merged

MUMBAI: British mobile phone giant Vodafone’s Indian unit will merge with Idea Cellular to create India’s largest telecoms operator, the firms said Monday, as they combine to fight the rise of Reliance Jio.

“Vodafone Group Plc and Idea Cellular today announced that they have reached an agreement to combine their operations in India,” they said in a statement to the Bombay Stock Exchange (BSE).—AFP

Turkey’s Arcelik expanding

LONDON: Turkish home appliances maker Arcelik is working on acquisitions to speed up its international expansion, particularly in Asia, its chief executive said on Monday.

“We think there will be significant demand growth coming from Southeast Asia and the Indian subcontinent,” Hakan Bulgurlu told Reuters, citing Indonesia, Vietnam and the Philippines, as well as Bangladesh, Pakistan and India.—Reuters

Uber president leaves after six months

WASHINGTON: Ridesharing giant Uber took another hit with the departure of its president, Jeff Jones, after just six months, US media reported on Sunday.

Jones’ departure comes after a series of difficulties at Uber, Recode and The Wall Street Journal reported. According to Recode, Jones had voiced dissatisfaction with the company’s strategies.

Reached by AFP, Uber would not confirm the report as of late Sunday.

Uber CEO Trevor Kalanick had asked for his resignation.

Published in Dawn, March 21st, 2017