KARACHI: The United Bank Limited (UBL) and the U Microfinance Bank Limited (Ubank) recently signed a Memorandum of Understanding (MoU) to promote financial inclusion in the country.

The two banks aim to open up multiple avenues for collaboration, including medium to long-term debt funding, retail TFC, Islamic microfinance funding, commercial paper and synergising their businesses to scale, a press release said.

The signing ceremony was chaired by UBL President & CEO Shazad G. Dada and Ubank CEO Kabeer Naqvi, along with senior executives of both banks.

“We are looking forward to our strategic alliance with Ubank with the aim of expanding the scope of financial inclusion across the country,” said Mr Dada.

“We are delighted to establish this partnership which is aimed at exploring avenues to collaborate, design innovative products and work together in moving the banking sector forward,” said Mr Naqvi.

Published in Dawn, December 2nd, 2021