ZTBL partners up with Wateen

Zarai Taraqiati Bank Limited (ZTBL) and Wateen have entered into a strategic partnership by establishing a security operations centre aimed at safeguarding critical digital infrastructure and protecting the data of over half a million ZTBL’s customers. The partnership was signed between Tahir Yaqoob Bhatti, President/CEO of ZTBL, and Adil Rashid, CEO of Wateen.

Wateen will oversee ZTBL’s security landscape, ensuring round-the-clock monitoring, advanced threat detection, and rapid incident response to maintain the integrity and security of the bank’s digital assets. Wateen will also enhance ZTBL’s cybersecurity posture and reinforce defences against emerging cyber threats.

This partnership also aligns with compliance standards such as the Federal Board of Revenue, the State Bank of Pakistan regulations, National Cyber Security Policy 2021, Pakistan Telecommunication Authorities regulations, PCI DSS protocols, and ISO 27001 Standards, further solidifying ZTBL’s position as a secure and compliant financial institution.

NBP celebrates 75th anniversary

The National Bank of Pakistan celebrated its 75th anniversary at the Mohatta Palace in Karachi, as per a press release. The event was attended by eminent dignitaries from the government and business community, as well as customers from across the country. The event marked the Diamond Jubilee of NBP’s journey and featured several keynote addresses.

In his address, Rehmat Ali Hasnie, President NBP, reflected on the institution’s evolution over the past seven decades.

He emphasised NBP’s central role in facilitating transformative government initiatives, promoting financial inclusion, and spearheading the digital revolution within Pakistan’s banking sector.

SBP Governor Jameel Ahmad highlighted, “The 75-year journey of NBP is not only a celebration of past triumphs but a resolute pledge to the future. Our legacy is built on resilience, innovation, and an unwavering commitment to the nation’s prosperity.”

Bank Makramah’s restructuring scheme

Bank Makramah Limited (BML) announces a restructuring scheme that includes an amalgamation of Global Haly Development Limited (GHDL) into BML, resulting in a substantial increase in the bank’s net assets by approximately Rs29.39bn, as per a press release. This move will significantly enhance the bank’s financial standing and position it for sustained future growth.

The restructuring scheme also includes the issuance of fully paid ordinary shares to GHDL shareholders, as well as the redemption of Term Finance Certificates along with accrued profit.

Furthermore, the bank will streamline its capital structure by reducing its share capital through the cancellation of shares that are not represented by available assets, ensuring enhanced financial stability.

Japan offers grants to NGOs

The government of Japan has decided to provide grant assistance of up to $95,311 (equivalent to Rs26.5m) to two local NGOs for development projects in Sindh, as per a press release. The grant contracts were signed between the Consul General of Japan, Hattori Masaru, and representatives of the two NGOs at the Consulate-General of Japan in Karachi.

The two NGOs that will implement the projects are the Disabled Welfare Association and the Sindh Community Foundation. The DWA will receive $31,329 (equivalent to Rs8.7m), and $63,982 (equivalent to Rs17.8m) will be given to the SCF. At the signing ceremony, Mr Hattori expressed his expectation that the DWA and the SCF would make a remarkable impact on their communities by uplifting people and bringing them happiness.

PSQCA hosts science and tech secretary

The Parliamentary Secretary for Science and Technology, Nikhat Shakeel Khan, visited the PSQCA-Complex at Gulistan-e-Johar, Karachi, as per a press release. She chaired a meeting along with Director General PSQCA Taufeeq Ali Abbasi and Secretary PSQCA A.K. Rind. Ms Khan appreciated the performance of the PSQCA and inaugurated the daycare centre in PSQCA Head Office-Karachi.

The PSQCA Directors Ali Bux Soomro, Khalid Ahmed Bablani, Muhammad Ashraf Palari, Anjum Parveen (in charge of the day care centre), and Media Head Mujeeb-ur-Rehman Solongi were also present on the occasion.

Published in Dawn, The Business and Finance Weekly, December 2nd, 2024