ISLAMABAD - President & CEO U Microfinance Bank Limited (U Bank) Kabeer Naqvi and President & CEO MCB Bank Limited (MCB) Shoaib Mumtaz signed a memorandum of understanding (MoU) of strategic partnership to promote financial inclusion in the country.

This collaboration between the institutions will establish a long term, stable and mutually beneficial strategic partnership. This strategic partnership creates a platform for strengthening U Bank’s capability to provide a comprehensive range of banking services and promote various forms of cooperation including medium to long term debt finance, housing finance, microfinance funding and various other funding options.

Kabeer Naqvi, President & CEO of U Bank, said, ”We are delighted to enter into this partnership with MCB, with whom U Bank has collaborated on number of successful syndications in past years. This partnership will help stimulate U Bank’s financial inclusion agenda and help the underserved segments of the country. Furthermore, this will allow us to create efficient synergies with both entities to design and introduce innovative financing solutions.”

The ceremony was held at MCB Bank’s head office with representation by senior management of both institutions.