BML accelerates recapitalisation

Bank Makramah Limited’s (BML) progress in its recapitalisation efforts has recently been supported by a recent Rs5 billion deposit from BML’s sponsor, Nasser Abdulla Hussain Lootah, as per a press release. This amount, to be recorded as an advance against share subscription pending regulatory approvals, follows his earlier Rs10bn capital injection in 2023. In addition, the proposed merger of Global Haly Development Limited, a company owned by Mr Lootah, into BML reflects his substantial commitment, which will total Rs41bn. The bank extends its deepest gratitude to Mr Lootah for his unwavering support and vision for BML and Pakistan’s banking sector.

In a concurrent move, BML’s Board of Directors has approved the sale of Cullinan Tower in Clifton, Karachi, for a confirmed offer of Rs12bn. This landmark transaction represents a major step, which will result in significant liquidity and capital gains for the bank.

Further bolstering its financial position, the bank is in the final stage of recovering over Rs13bn of its legacy non-performing loans in the near future, resulting in a strong impact on its profitability and capital base.

PBC appoints new CEO

The Pakistan Business Council (PBC) announces the appointment of Javed Kureishi as its new Chief Executive Officer, effective July 11, 2025, in a press release. Mr Kureishi is a seasoned Citibanker with 34 years of leadership experience across Pakistan, Egypt, South Africa, the Czech Republic, the United Arab Emirates, and Singapore. He has held senior regional roles across Asia, the Middle East, Eastern Europe, and Africa and is an expert in emerging market strategy, stakeholder engagement, and policy advocacy.

The Board of Directors of PBC extended their appreciation to the outgoing CEO, Ehsan Malik. During his tenure, Mr Malik significantly strengthened PBC’s position as a leading voice for the formal business sector and progressive economic policy in Pakistan. His efforts advanced stakeholder engagement and reinforced the organisation’s commitment to responsible business practices.

Dr Zeelaf Munir, Chairperson of PBC, thanked Ehsan Malik and welcomed the new CEO on behalf of the board and members. She added, “Mr Kureishi’s leadership, deep understanding of Pakistan’s business landscape, and global perspective position him to advance PBC’s mission and steer the organisation into its next phase of sustainable growth and meaningful impact.”

Askari Bank Partners with WeatherWalay

Askari Bank Limited (AKBL) has signed a Memorandum of Under­standing (MoU) with WeatherWalay (Pvt) Ltd under the bank’s flagship Cashless Ecosystem Project, according to a press release. Continuing cashless financial services, this collaboration will introduce a new app feature that will provide hyper-local weather intelligence, including real-time forecasts, early warning alerts, and data from Automated Weather Stations to help app users make informed decisions and adopt a climate-aware, tech-driven lifestyle.

Speaking on the occasion, Ali Naqvi, Chief Information Officer of Askari Bank, said, “Our collaboration with WeatherWalay reflects our ambition to align banking with real-world needs – in this case, hyper-local weather data that empowers customers and communities alike.”

Similarly, Junaid Yamin, Cofounder and CEO, WeatherWalay, remarked, “Our mission at WeatherWalay is to bridge the information gap when it comes to localised weather awareness. Partnering with Askari Bank allows us to scale our impact, reaching customers across Pakistan.”

This collaboration strengthens AKBL’s smart society vision, especially a resident-centric lifestyle, which will support digitally connected and smart communities where intelligent living and digital financial services come together to enable a truly cashless ecosystem.

Standard Chartered Pakistan’s accolades

According to a press release, Standard Chartered (SC) Pakistan was awarded for its efforts in diversity and inclusion in June 2025. The bank was given the Women Empowerment and Gender Equality Diamond Recognition Award by the Employer’s Federation of Pakistan, acknowledging its dedication to creating a gender-inclusive workspace.

SC Pakistan has a diversity ratio of 29 per cent. For the last two years, the bank has sponsored the country’s largest career fair for differently-abled job seekers, connecting over 900 youths with more than 40 prospective employers. The bank has also been proactive in engaging the wider industry by initiating the first-ever roundtable for banking industry human resource heads to promote disability-confident hiring practices.

Published in Dawn, The Business and Finance Weekly, July 8th, 2025