Tuesday, July 16, 2024

U Bank and Yousuf Dewan Companies Sign MoU to Collaborate for Enhanced Affordability of EVs

U Microfinance Bank (U Bank) and Yousuf Dewan Companies have entered into a strategic collaboration to leverage their combined strengths for the provision of innovative financing options for customers, making the ownership of electronic vehicles more accessible and affordable.

Under this partnership, Yusuf Dewan Companies’ customers will be able to benefit from exclusive loan offerings, as well as bundled services, for the ownership of Honri and KIA electronic vehicles, including insurance coverage and registration facilities.

The Memorandum of Understanding was signed recently at a ceremony in Islamabad, by Mr. Mohamed Essa Al Taheri, President & CEO – U Bank, and Mr. Dewan Mohammad Yousuf Farooqui, Chairman – Dewan Group, in the presence of senior management members of both organizations.

Speaking at the signing ceremony, Mr. Mohamed Essa Al Taheri, President & CEO – U Bank commented, “We are thrilled to partner with Yousuf Dewan Companies to facilitate innovative financing solutions for customers interested in EVs. This collaboration is a significant step towards enhanced accessibility to cost-effective means of mobility and will also ultimately contribute to a greener future. By combining our financial expertise with Yousuf Dewan Companies’ strong market presence, we are confident in driving technological and financial innovations further that are beneficial to all stakeholders.”

Speaking at the event, Mr. Dewan Mohammad Yousuf Farooqui, Chairman of Dewan Group, said, “This partnership with U Microfinance Bank marks a significant milestone for us in our mission to provide easy financing solutions. By making it more accessible for people to own EVs and commercial vehicles, we are not only enhancing individual mobility but also contributing to the broader goal of a more sustainable future. Our collaboration with U Bank is a testament to our commitment to driving innovation and making impactful strides in the automotive industry in Pakistan.”

About U Microfinance Bank:

U Microfinance Bank Ltd. (U Bank) is a wholly-owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) – e& Group (formerly known as Etisalat Company). The bank has a network of more than 375+ branches, across 210 cities and rural areas in Pakistan and offers a wide range of microfinance loans, deposit products, and branchless banking solutions. U Bank’s branchless banking offers services under the banner of UPaisa in collaboration with Ufone (Pak Telecom Mobile Limited).

About Yousuf Dewan Companies:

Yousuf Dewan Companies is a diversified conglomerate with a strong presence in various industries, including automotive, cement, sugar, textile, and trading. Under the automotive sector, Dewan Motors represents BMW, providing premium vehicles and services. Dewan Farooque Motors Limited focuses on Kia Commercial vehicles, delivering robust and reliable transportation solutions. Eco-Green Motors Limited is dedicated to Honri electric vehicles, promoting sustainable and eco-friendly mobility. The group’s commitment to excellence and innovation extends across its wide range of businesses, contributing significantly to Pakistan’s economic growth and industrial development.

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