A Memorandum of Understanding (MoU) was signed between the Bank of Punjab (BoP) and Pioneer Cement Limited, Pakistan, under which the bank would act as the company’s main banker and handle its cash management and operative accounts for its operations within Pakistan involving collection of sale proceeds at major cities.
According to a BoP’s spokesman here on Tuesday, the MoU was inked by Javed Ali Khan, Managing Director and Chief Executive Officer (CEO) of Pioneer Cement Limited, and Hamesh Khan, BoP Managing Director. Badar-ud-Din Fakhri, Executive Director and Chief Financial Officer of Pioneer Cement Limited, M/s Liaqat Zaman, Chartered Accountants, the arranger of a Rs 250 million credit line to supplement working capital requirements for Pioneer Cement Limited from BoP, and senior officials of the Bank were also present on the occasion.
The MoU was a significant achievement for the bank and testifies to the confidence reposed by the corporate sector at large and a renowned business group in particular in BoP’s ability to render efficient, purpose oriented and regimented services. He said that under the present management BoP has posted historic results and has rightly earned itself the coveted position of a dynamic, fast growing premier financial institution in the country.