MCB, ABAMCO TO LAUNCHWHITE
MCB Bank Limited (MCB), one
of Pakistan's most progressive and dynamic financial institutions,
signed a Memorandum of Understanding with ABAMCO Limited, Pakistan's
premier asset management company. Mr. Aamer Zaidi, SEVP at MCB and Mr.
Najam Ali, ABAMCO's CEO, signed the agreement on behalf of their
The signing of this MOU will
lead to MCB and ABAMCO pioneering the concept of White Label funds in
Pakistan. MCB will use its extensive distribution expertise to market
and develop funds for its unique customer needs while the fund would
be managed by ABAMCO Limited.
MCB has a rich history that
spans over 50 years. With a network of over 900 branches in 40 cities
across Pakistan and over 225 ATMs, MCB is one of the largest banks in
Pakistan. With 85 percent of its branches automated MCB is also the
front runner in technology and innovation.
MCB has received the
Euromoney award four times in the last five years and is the only bank
to earn such successive distinction. MCB won the "Best Bank in
Pakistan" in 2005, 2004, 2003, 2001, and in 2000 the "Best
Domestic Bank in Pakistan" awards. In addition, MCB also has the
distinction of winning the Asia Money 2005 & 2004 awards for being
"The Best Domestic Commercial Bank in Pakistan".
ABAMCO, part of the Jahangir
Siddiqui Group, was the first private sector asset management company
in Pakistan. Incorporated in 1995, the company manages 9 mutual funds
with a total asset base of approximately Rs. 17 billion.
ABAMCO launched the Unit
Trust of Pakistan, the country's first open end fund in the private
sector in 1997. UTP Islamic Fund was the first Shariah compliant
mutual fund in Pakistan and was launched by ABAMCO in 2002. ABAMCO
also launched UTP-Income Fund and acquired 12 ICP funds in 2002. After
restructuring the ICP funds in 2004, ABAMCO launched ABMACO Composite
Fund, which was the largest closed end fund ever to be launched in
Pakistan, with a paid up capital of Rs. 3.3 billion.
In June 2005, ABAMCO launched
the UTP-Aggressive Asset Allocation Fund, Pakistan's first asset
allocation fund, which has shown an NAV appreciation of over 35% over
the quarter ended September 30, 2005, whereas the KSE-100 index
increased by 10.41% during the same period. Also in June 2005 the
company launched Pakistan's first free float adjusted market
EARTHQUAKE: INTEL DONATES
philanthropic arm, the Intel Foundation, will donate $1 million for
disaster and humanitarian relief efforts related to the South Asia
earthquake. The Foundation will also match dollar-for-dollar employee
contributions in support of the relief effort through November. The
donation will be provided through the International Red Cross/Red
Crescent Societies and Mercy Corps International.
"Support for our work in
the early days of a crisis helps us reach the neediest victims of a
disaster," said Mercy Corps CEO Neal Keny-Guyer. "As with
the Indian Ocean tsunami, we are truly grateful for Intel's timely
contribution to our Pakistan earthquake relief efforts."
Intel President and CEO Paul
Otellini said, "I know many of our employees have families and
friends in the earthquake impacted areas, and our hearts and thoughts
go out to them and everyone affected by this tragedy."
FAYSAL BANK - MANAGEMENT
Faysal bank has shown
significant growth in the last 5 years. Branch network has expanded as
has business and profitability. Many new initiatives have been taken
that have made Faysal Bank a significant player amongst the commercial
banks within Pakistan.
As a mark of continued
confidence in the management of Faysal Bank, the DMI Group has earlier
extended the service contract of Mr. Farook Bengali, as President
& CEO upto December 2008.
In addition, the enhanced
standing of the bank and its phenomenal growth has necessitated the
reorganization of the top management tier of the bank.
Effective October 1, 2005, Mr. Khalid Tirmizey, Country general
Manager, Commercial banking is appointed as Deputy Chief Executive
Mr. Ajaz Rahim is promoted as General Manager Investment Banking
effective October 1, 2005 (and effective January 1, 2006, he will be
designated Head of Investment Banking).
Mr. Mohammad Khan Hoti shall continue as Country Head of Investment
Banking upto December, 31, 2005 and effective January 1, 2006 will
assume the position of Special Advisor to P & CEO Faysal Bank.
OMCS, REFINERIES CONTRIBUTE
OVER RS 175M IN RELIEF EFFORTS
Oil marketing Companies (OMC)
and refineries in Pakistan have expressed their grief for the
thousands of lives lost in the recent earthquake- the worst natural
disaster ever to hit the country and have expressed their sympathies
and support to the families of the earthquake victims.
OMCs and refineries have made
a contribution worth over Rs. 175 million to the president's Relief
Fund, various NGOs, International Relief Organizations to name a few.
OMCs are also providing assistance in the form of free jet fuel for
air ambulances for mercy flights, food, clothing, tents, white cloth
supplies and other forms of shelter.
ORACLE OPENS COMPETENCY
Oracle announced the opening
of the Oracle Carrier Grade Framework (CGF) Competency Center at the
Oracle China Development Center (CDC) in Shenzhen, China. The CGF
Competency Center, featuring a development team from Oracle and Intel,
will drive the adoption of standards-based technology in
communications networks worldwide, enabling communications service
providers (CSPs) and network equipment manufactures (NEMs) to more
effectively meet customer demands and speed time to market for
Oracle's CGF initiative aims
to replace proprietary siloed communications technology with a
modular, standards-based data management offering that combines
Oracle® Database 10g, Oracle Fusion Middleware and Oracle TimesTen
In-Memory Database, and leverages AdvancedTCA (ATCA)-compliant Intel®
servers. ATCA is an industry standard that provides a salable,
reliable platform architecture for carrier-grade (99.999%
availability) communications applications.
COTTON SALE: APTMA SLATES
APTMA members are disturbed
by the TCP's latest tender for the sale of 50,000 bales to foreign
buyers only. The free trade policy of free import and export is not
being questioned. It is present need of hour which requires
re-consideration for disposal of cotton stocks as the current cotton
crop is not only late but will be less than last year crop of 14
million against mills' demand of more than 18 million bales. Present
cotton prices are ranging between Rs. 2,400 - Rs.2,500 due to short
supply of cotton. International prices are ranging between US$:
0.54-55 per LB. Imported cotton will cost more than Rs. 2,600 against
export of local cotton at US$ 0.44 cents, which will fetch TCP about
Rs. 2,220, the APTMA said in a statement.
TCP is a government owned
trading corporation and it is entitled to take its own financial
decisions but, there is no justification for exporting country's
silver fibre to Pakistani competitors at a gross loss to TCP and
depriving the local textile mills from quality cotton and facilitating
them to lift cotton within two months against locals to lift within
one month or pay carrying charges. The local mills have to buy cotton
at higher rates than export parity rates being received by T.C.P. Due
to short supply of cotton some weaker mills have either to partially
close their mills thus creating unemployment and loss of production or
have to suffer loss incidentally as presently the yarn prices are
depressed due to lack of demand.
The TCP's offering of raw
material for export and depriving the local mills from very much
needed cotton for manufacture of tents, clothes and other essential
items for the earthquake victims is against President Musharraf's
policy of Pakistan first, the statement added.
UNION BANK DONATES RS. 15
MILLION TO QUAKE VICTIMS
Union Bank Limited has
donated Rs. 15 million to the President's Relief Fund for the victims
of the quake-hit areas of the country. President and Group CEO, Union
Bank, Mr. Shaukat Tarin called on Prime Minister Shaukat Aziz and
handed him over the cheque.
Speaking on the occasion, Mr.
Tarin said that Union Bank shared the grief and sorrow of the nation
in the aftermath of the worst ever natural calamity that hit the
northern parts of the country, mainly Azad Kashmir and NWFP, resulting
in thousands of deaths while displacing an even greater number of
people. He expressed hope that this modest contribution would add some
value to the on-going relief efforts.
In the mean time, all Union
Bank employees have also responded to the call by contributing their
one day salary to the quake relief efforts.
UNION LEASING EMPLOYEES'
The employees of Union
Leasing Limited, a Union Bank Group company, have announced to donate
their one day salary to the "President's Relief Fund" for
the victims of the quake hit areas of the country. This was announced
by Mr. Shahzad Enver Murad, Chief Executive of the company, here
Mr. Murad said that this
little contribution on part of the employees is a token of their
solidarity with the fellow countrymen in distress and expressed hope
that together, they would ride the wave of this difficult time with
resolve and determination.
Union Bank, which is the
parent company of Union Leasing Limited, has already donated Rs. 15
million for the quake ravaged parts of the country, while its
employees contributed their one day's salary.