Karachi’s National Stadium has been renamed to the National Bank Cricket Arena as per a five-year memorandum of understanding with the National Bank of Pakistan (NBP), the Pakistan Cricket Board (PCB) announced on Tuesday.

“Besides the naming rights agreement, the PCB and NBP will also collaborate and partner on sponsoring initiatives to promote and develop grassroots cricket across the country, including supporting the PCB initiatives of scouting local talent in the rural areas of Pakistan,” the PCB press release reads.

PCB Chairman Ramiz Raja said the partnership was “great news” as it reflected that prestigious organisations were willing to be associated with the Pakistan cricket brand “as they see a lot of value in it for themselves”.

He also extended his gratitude to the NBP for supporting the PCB Pathways Programme. “I have always emphasised on creating processes for the raw talent that can be professionally channelised into the national framework. In this background, this partnership with NBP is a significant movement in that direction,” the press release quoted him as saying.

Meanwhile, NBP President and CEO Rehmat Ali Hasnie said the bank was “honoured” to associate itself with the historic cricket venue.

“Our endeavour during the next five years will be to help the PCB further uplift the venue while making contributions to Pakistan cricket across the country at the grass root level simultaneously,” the press release quoted him as saying.