March 2, 2010

KASB partners Nestle Pakistan to facilitate livestock farmers

KASB Bank and Nestle Pakistan have signed an agreement to facilitate livestock farmers associated with the food company in the procurement of dairy animals.

Speaking at the signing ceremony, Munir Saleem, Group Executive, Commercial Banking-KASB Bank and Raymond Franke, Country Head of Finance and Control Nestle Pakistan expressed their pleasure on signing this strategic partnership agreement between the two companies.

While signing the agreement, Raymond expressed his satisfaction in the systems and capabilities of KASB bank to address the needs of its customers. He also expressed his desire to undertake more initiatives in other areas with the Bank.

Munir Saleem said that KASB Bank is a mid size bank having one of its strategic objectives to extend structured financing in agriculture sector as it thinks the future for banks lies in agriculture sector. He also expressed that it is a misperception that agriculture sector is a more risky sector than industrial sector as non-performing loans of banks in agriculture sector are much lesser than in the industrial sector.

He also said that livestock sector constitutes 11% of Pakistan's GDP and cannot be ignored by the banks.