KARACHI: EFU Life and U Microfinance Bank (UBank) have joined hands to provide insurance products and services to customers. EFU Life MD and CEO Taher Sachak and Ubank President and CEO Arif Sirhindi signed the agreement. The strategic partnership aims to develop insurance products specifically tailored to the branch and branchless banking customer base. The insurance product are designed to offer the best financial services. UBank is a wholly owned subsidiary of Pakistan Telecommunications Company Limited (PTCL) and a sister concern of Ufone. The Bank has recently won the “Best Bank Led Mobile Money Program 2013” at the Mobile Money & Digital Payments Global Summit held in Dubai. EFU Life is a leading private sector life insurance company and possesses an Insurer Financial Strength (IFS) rating of AA along with being the strongest financial base in the private sector with a rich 20-year history of leading the insurance industry of Pakistan.
Published in The Banker Pakistan, March 5th, 2014.
The Central Bank pumped in Rs109.00bn into the banking on August 18, in an open market operation. The injection was made in a one-day contract at 5.71pc. The central bank had received bids worth Rs138.00bn. A week earlier on August 18 the SBP had injected a massive Rs939.60bn into the banking system. According to the […]
KARACHI: The Pakistan Stock Exchange (PSX) closed at a new all-time high for the second consecutive day, mainly led by activity in banking sector. The KSE-100 index gained 55.72 points (0.14 per cent) to close at 39,861.60 points. Volumes were up 59pc to 385 million shares, as 110m shares, which accounted for 60pc of the […]
KARACHI: MCB Bank posted unconsolidated profit of Rs10.7 billion in the first half of 2016, down 20.9% from Jan-Jun 2015. In a stock notice on Wednesday, MCB also announced an interim cash dividend of Rs4 per share, which takes the first half cumulative pay-out to Rs8 per share. The result was below analysts’ expectations mainly because […]
KARACHI: Banks disbursed Rs598.3 billion in agriculture credit in fiscal year 2015-16, which was 16% higher than disbursement of Rs515.9 billion in 2014-15 and almost met the annual target of Rs600 billion, announced the State Bank of Pakistan (SBP) on Monday. “It is important to note that despite negative growth of the agriculture sector due to […]