Askari Bank signs Master Refinance Agreement with Pakistan Mortgage Refinance Company

Sitting from left to right – Mr. N.K Rupan (CEO-PMRC), Mr. Rashid Nawaz Tipu (Group Head Askari Bank Limited).
Standing from left to right – Andrey Milyutin (World Bank), Nouma T Dione (World Bank), Mr. Mudassir H. Khan (incoming CEO-PMRC), Mr. Imran Sarwar (Director-PMRC), Mr. Rehmat Ali Hasnie (Chairman-PMRC), Mr. Abid Sattar (President & CE Askari Bank Limited), Olivere Hassler (World Bank), Mr. Farrukh Iqbal Khan (Group Head Askari Bank Limited), Dr. Muhammad Saleem Zia (COO-PMRC), Shah Azmi (Head of Treasury & Marketing-PMRC), Mr. Zulfiqar Alam (CFO/ Company Secretary-PMRC)

Askari Bank and Pakistan Mortgage Refinance Company (PMRC) signed Master Refinance Agreement. Under this agreement PMRC will provide Askari bank with long-term funding at fixed rates to promote housing finance.

The agreement was signed by Mr. Rashid Nawaz Tipu, Group Head, Branch Banking – Askari Bank and Mr. N.K. Rupan, Managing Director/ Chief Executive Officer of PMRC. Also present at the occasion were Mr. Abid Sattar (President & CE Askari Bank), Mr. Rehmat Ali Hasnie (Chairman PMRC) and representatives from World Bank, Askari Bank and PMRC.

Mr. N.K Rupan, the CEO of PMRC, said that the creation of PMRC marks an important milestone in the government’s objective to improve access to housing finance, particularly to middle and low income groups who are in dire need of access to long-term housing finance with stable and fixed rates not subject to the vagaries of interest rate fluctuations.