Chinese partnership: HBL, UnionPay form alliance

BEIJING/ KARACHI: Habib Bank Limited (HBL) has signed an agreement with China’s UnionPay (UP) to issue UP cards in Pakistan and in global markets where HBL has a presence. The agreement was signed by HBL President and CEO R Zakir Mahmood, and UP First Executive Vice President Cai Jianbo. Also present at the signing ceremony were HBL Chairman Sultan Ali Allana, President and CEO designate Nauman K Dar, and Payment Services Head Faiq Sadiq. UP executives attending the ceremony included Chairman Su Ning and other senior officials. “This alliance will strengthen our ties and give HBL the ability to advance its financial inclusion plan by delivering innovative and affordable product solutions to its customers,” said Allana on the occasion. HBL plans to roll out UP Cards and solutions by year end and expects to expand its offering in all major markets, including South Asia, Gulf and Europe by the middle of 2013.

Published in The Express Tribune, September 11^th, 2012.