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Karachi / Beijing, Sep 11: Habib Bank Limited (HBL), Pakistan’s largest commercial bank, signed an agreement with UnionPay (UP) to issue UP cards in Pakistan and in global markets where HBL has presence. This new partnership is a “major breakthrough in forging the ties between the financial institutions in China and Pakistan” said Pakistan’s ambassador, Mr Masood Khan on this occasion. He deeply appreciated and lauded HBL’s pioneering efforts in establishing earlier linkages with Xinjiang Autonomous Region and major Chinese Banks like ICBC, ABC and Bank of China.
The agreement was signed by HBL President and CEO, R. Zakir Mahmood and UP First Executive Vice President Cai Jianbo. Present at the signing ceremony from HBL were its Chairman, Mr. Sultan Ali Allana, President and CEO designate, Nauman K. Dar and Head Payment Services, Faiq Sadiq. UP executives attending the ceremonies included Mr. Su Ning, Chairman and other senior officials.
“This alliance will strengthen our ties and give HBL the ability to advance it’s financial inclusion plan by delivering innovative and affordable product solutions to its customers”, said Mr. Sultan Ali Allana, Chairman HBL.
HBL plans to roll out UP Cards and solutions by year end and expects to expand its offering in all major markets, including South Asia, Gulf and Europe by the middle of 2013.
Addressing the participants, UnionPay Chairman Mr. Su Ning said, since China-Pakistan Free Trade Zone was established, the cross-border payment demand has been increasing accordingly. The cooperation between UnionPay and HBL will bring Pakistan payment industry with new vigor, and better support the relationship between the two countries.
About Union Pay
Union Pay operates the national inter-bank clearing and settlement system, develops the worldwide Union Pay Card acceptance network, promotes the issuance and usage of the Union Pay Card as well as other innovative payment solutions, so as to provide quality, efficient and safe payment services to cardholders. To date, the total number of the Union Pay Card issued has exceeded 3.2 billion. In addition, Union Pay has enabled the Union Pay Card’s acceptance in over 131 countries and regions through extensive cooperation with about 400+ institutions around the world. Additional information may be found at: www.unionpay.com.
HBL is Pakistan’s largest commercial bank with a network of 1,470 branches across the country and a presence in 24 countries. HBL has over 5 million customer relationships. The Bank enjoys a leadership position in Pakistan’s Retail and Corporate Banking sectors and a strong presence in Consumer, Commercial and Investment Banking. Additional information may be found at www.hbl.com
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Khurram Zia Khan or Afsar Khan