Meezan enters strategic alliance with PCIC KARACHI: Meezan Bank has entered into a strategic cooperation alliance with Pak China Investment Company (PCIC) for the promotion of bilateral trade and investment between the two countries.
Meezan Bank Deputy CEO Ariful Islam and PCIC Managing Director Li Peng jointly signed the memorandum of understanding on Monday, according to a press release issued by Meezan Bank.
As per the agreement, Meezan Bank and PCIC will help businesses in both countries undertake strategic projects, particularly ones under the China-Pakistan Economic Corridor (CPEC).
Meezan Bank and PCIC will collaborate in various areas, it said, adding that PCIC will benefit from Meezan Bank’s network of over 550 branches and commercial, corporate and investment banking besides trade, commercial and SME financing.
With a strong presence in China through its parent organisation China Development Bank, PCIC will introduce Chinese investors and corporations to Meezan Bank in order to mutually explore business avenues for greater cooperation via CPEC projects.
In their speeches at the ceremony, Mr Islam and Mr Li highlighted the importance of this strategic alliance, which will provide multiple and significant business opportunities to Meezan Bank and PCIC besides strengthening bilateral relations between the two countries.
PCIC is a joint venture between Pakistan and China governments through the Ministry of Finance and China Development Bank, respectively.