Bank Alfalah partners with Millat Tractors to offer innovative vendor financing solution

KARACHI – June 24, 2016: In continuation of its efforts to support SME sector in Pakistan, Bank Alfalah has entered into a partnership with the country’s largest tractor manufacturer Millat Tractors to launch vendor financing with end-to-end banking solutions specially outfitted for the SME.

The MoU was signed by Atif Bajwa, CEO Bank Alfalah and Sikander Mustafa Khan, Chairaman, Millat Tractors Limited (MTL) in the presence of Mian Muhammad Saleem, Director MTL, IrfanAqueel, CEO MTL, and Sohail A Nisar, CFO MTL, at the Millat Tractors Limited Head Office, Lahore. The agreement initiates partnership for Value Chain Financing, initially targeting the vendors but will transcend to targeting dealers of Millat Tractors Limited (MTL) in its second phase, while creating a 360 degrees payment solution for Millat and its related SME businesses.

Commenting on the development, CEO Bank Alfalah Mr. Atif Bajwa said, “We are glad to have partnered with the country’s largest tractor manufacter Millat Tractors and are very confident that our packaged banking solutions will significantly help them meetthe exceeding demands of theirever-growing customer base and business.”

Chairman Millat Tractors Mr. Sikander Mustafa Khan said, “Millat Tractors is set to benefit from Bank Alfalah’s innovative banking products to streamline its financial transactions. It will not only infuse efficiency and productivity to our business, but also help our dealers and vendors a great deal.”

This partnership further consolidates 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 as yet, hence uplifting the status of the SMEs towards a more formalized sector of economics.

In order to provide the financial services charted  in the MoU, Bank Alfalah will bring together all of its departments including Branchless Banking, Corporate Credit Cards etc. to coalesce their services to provide a bundle solution to Millat Tractors and its associated businesses, helping them meet and streamline all their financial requirements.

About Bank Alfalah:

Since its inception, Bank Alfalah has grown rapidly to become Pakistan’s fifth largest private bank, the largest issuer and acquirer of credit cards and one of the largest Islamic Banking businesses in the country. The Bank has a network of over 650 branches spanning more than 200 cities with presence in Afghanistan, Bangladesh and Bahrain in addition to a representative office in the UAE. The Bank serves more than 1 million corporate, retail, small business, agricultural, Islamic and asset financing customers.

About Millat Tractors:

Millat Tractors Limited (MTL), an ISO 9001:2008 certified company is Pakistan’s leading engineering concern in the automobile sector engaged in the manufacturing and marketing of world renowned Massey Ferguson (MF) tractors under licensing agreement with AGCO Ltd. UK; Forklift Trucks under license from Anhui Forklift Trucks, China; Diesel Engines; Diesel Generating Sets and a range of allied agricultural and industrial implements. MTL has an unmatched, elaborate and extensive field network of of 72 main dealers, 61 spare parts dealers and more than 400 authorized workshops with more than 60 % share of the local tractor market.Millat Tractors has been recognized internationally by Plimsoll- UK and has nominated MTL as 16th largest company with exceptional performance in Global Tractor Manufacturing Industry. Forbes Global magazine has included MTL in “Asia’s 200 Best Under a Billion Dollar Companies”. Karachi Stock Exchange has ranked MTL 3rd among top 25 Companies of Pakistan in 2014. In 2015, MTL was awarded Certificate of Excellence by “Management Association of Pakistan”. The company has also received achievement award in “Tractor & Agriculture Implements” sector by FPCCI in 2016.

Fahad

Fahad is an entrepreneur and a marketing enthusiast who loves to write on trending topics. He loves travelling & playing tennis is what he does in his leisure time. He tweets @fahad164.
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