Pak Suzuki Motor partners with Karandaaz Pakistan and Meezan Bank to Promote Small and Medium Enterprises in Automotive Industry in Pakistan

Karachi, December 30, 2015 (PPI-OT): Pak Suzuki Motor Company has recently signed a corporate partnership agreement with Karandaaz Pakistan and Meezan Bank to help provide financial access to Small and Mid-Size (SME) automotive part vendors in Pakistan. This tripartite agreement forms part of the USD 50 million Corporate Vendor and Distributor Finance Program launched recently by Karandaaz Pakistan and Meezan Bank.

Speaking at the signing ceremony held at Pak Suzuki Motor Company’s Head Office at Karachi, Mr. Hirofumi Nagao, Managing Director Pak Suzuki Motor, deeply appreciated Meezan Bank and Karandaaz Pakistan’s efforts in addressing the unique banking needs of SMEs in Pakistan. He recalled, “In 2007, when the automobile industry was booming, both Pak Suzuki and its local vendors took the initiative of upgrading their facilities to cope up with the demand. The timing of this program is opportune since after a period of 8 years, the automobile industry is again showing positive signs. I believe that this program will help local industry players in upgrading their facilities to respond to the increasing demand.”

Mr. Irfan Siddiqui, President and CEO of Meezan Bank, speaking about the Bank’s strategic commitment to support SMEs, said “SMEs are the main engine of economic growth in Pakistan and a key element in promoting private sector development. The agreement with Pak Suzuki will provide a much needed boost to the automotive sector both through Meezan Bank’s diverse SME banking experience and growth capital to the vendors and distributors that form part of the company’s supply chain. This significant co-financing agreement will also help Meezan Bank move closer to its Vision of establishing ‘Islamic banking as banking of first choice’ by providing innovative Islamic financing solutions and serving as employment generator of our economy.”

Mr. Asad Azfar, CIO Karandaaz Pakistan stressed the importance of this program for SMEs operating in organized supply chains of the economy. “Small businesses have had little access to term finance in Pakistan in the past. By providing capital investment and expansion working capital financing to these vendors and distributors, we expect to see broad-based economic and employment growth in the country. Pak Suzuki’s commitment to this program is very encouraging, and we look forward to signing more apex corporate in the near future.”

For more information, contact:
Meezan Bank Limited
Meezan House, C-25 Estate Avenue,
SITE, Karachi
Tel: +92-21-38103500
Fax: +92-21-36406049