Agreement signed between The Bank of Punjab and Pakistan Corporate Restructuring Company

F.P. Report

LAHORE: The Bank of Punjab (BOP) joins hands with Pakistan Corporate Restructuring Company Limited (PCRCL) to capitalize upon the opportunity of availing their specialized, non-conventional remedial management expertise and accordingly signed an Agreement with Pakistan Corporate Restructuring Company (PCRCL).
BOP was the first bank to enter into the MoU with PCRCL and has inked out formal agreement with PCRCL for transferring its NPLs for expeditious resolution of its long standing NPAs, especially Off-Shore Enforcement for recovery from certain hard-core obligors who have siphoned-off funds, absconded and are engaged in business activities abroad.
The Bank carried out an exhaustive due diligence of its NPL portfolio and selected some of its hardcore NPLs for assignment to PCRCL.
Speaking on the occasion, Mr. Zafar Masud (president & CEO – The Bank of Punjab) said, “PCRCL will not only evolve as a vibrant economic agent, contributing towards the revival of sick industrial units but will also generate employment opportunities.”
Mr. Laqa Sarwar (CEO – PCRCL) expressed, “Pakistan Corporate Restructuring Company (PCRCL) established under CRC Act 2016 has been formulated for the purpose of transforming the financially distressed companies to financially and operationally viable companies in order to restore economic and employment opportunities in the country. Therefore, it is indeed a proud moment as financial institutions now recognized the importance of mutual coordination and concentrated efforts for revamping the entire Banking NPLs over 860 billion, growing further rapidly.”
Both appraised the role of regulators SBP & SECP for their guidance and support in stimulating the financial institutions to support PCRCL to reorganize and redress NPLS with special expertise of PCRCL. SBP has also issued respective regulations for the financial institutions in this regard.
The ceremony was also attended by Mr. Arslan Iqbal (Chief Risk Officer – BOP) and Mr. Imran Butt (CFO – PCRCL).