In continuation of its efforts to support SME sector in Pakistan, Bank Alfalah entered into a partnership with the country’s largest tractor manufacturer, Millat Tractors on 16 June 2016.
This will provide alternate financial solutions to the vendors of Millat Tractors Limited across Pakistan under the SME Product, Alfalah Bill and Cash.
Mr. Atif Bajwa, President & CEO, Bank Alfalah and Mr. Sikander Mustafa Khan, Chairman Millat Tractors Limited signed the MoU. This partnership will further consolidate Bank Alfalah’s commitment to the SME sector in Pakistan, providing collateral free lending on the forte of the anchor, a process uncommon to the conventional banking of Pakistan. This will help in uplifting the status of the SMEs towards a more formalised sector of economics.
The agreement initiates partnership for Value Chain Financing, initially targeting the vendors of the large corporations. This will then target dealers of Millat Tractors Limited (MTL) in its second phase, while creating a 360 degrees payment solution for Millat and its related SME businesses; the niche which holds the foundation of large businesses.
Speaking at the occasion, Mr. Atif Bajwa said, “We are glad to have partnered with the country’s largest tractor manufacture Millat Tractors and are very confident that our packaged banking solutions will significantly help them meet the exceeding demands of their ever growing customer base and business.” The signing ceremony was attended by Mian Mohammad Saleem (Director, Millat), Irfan Aqueel (CEO, Millat), Sohail Nisar (CFO, Millat), Mr Khurram Hussain-Group Head Retail Central & North along with Senior members of Retail and SME Banking.
This will provide alternate financial solutions to the vendors of Millat Tractors Limited across Pakistan under the SME Product, Alfalah Bill and Cash.
Mr. Atif Bajwa, President & CEO, Bank Alfalah and Mr. Sikander Mustafa Khan, Chairman Millat Tractors Limited signed the MoU. This partnership will further consolidate Bank Alfalah’s commitment to the SME sector in Pakistan, providing collateral free lending on the forte of the anchor, a process uncommon to the conventional banking of Pakistan. This will help in uplifting the status of the SMEs towards a more formalised sector of economics.
The agreement initiates partnership for Value Chain Financing, initially targeting the vendors of the large corporations. This will then target dealers of Millat Tractors Limited (MTL) in its second phase, while creating a 360 degrees payment solution for Millat and its related SME businesses; the niche which holds the foundation of large businesses.
Speaking at the occasion, Mr. Atif Bajwa said, “We are glad to have partnered with the country’s largest tractor manufacture Millat Tractors and are very confident that our packaged banking solutions will significantly help them meet the exceeding demands of their ever growing customer base and business.” The signing ceremony was attended by Mian Mohammad Saleem (Director, Millat), Irfan Aqueel (CEO, Millat), Sohail Nisar (CFO, Millat), Mr Khurram Hussain-Group Head Retail Central & North along with Senior members of Retail and SME Banking.
