Muhammad Aurangzeb, President & CEO - HBL (sitting right) and Air Marshal Arshad Malik, CEO – PIA (sitting left) at the signing ceremony along with Sultan Ali Allana, Chairman - HBL (standing 6th from right) and senior representatives from both the organizations.

Karachi, 03 August 2021

Pakistan’s national flag carrier - PIA and the country’s largest bank- HBL signed an agreement to offer HBL clients an exclusive discount on all their international and domestic travel tickets

The agreement was signed between Air Marshal Arshad Malik, Chief Executive Officer – PIA and Muhammad Aurangzeb, President & CEO – HBL. Present at the ceremony were Sultan Ali Allana, Chairman – HBL and senior managers from both the organizations.

HBL and PIA have a longstanding relationship that is spread over numerous successfully executed transactions. HBL stands as PIA’s leading banking partner and the preferred service provider for PIA’s banking needs at home and abroad. HBL’s partnership with the National Carrier ranges across multiple product lines including nationwide collections, payments and payroll management, point of sale (POS) systems and trade finance. The two organizations have also worked together on various offshore and local financing solutions including HBL’s recent participation in the syndicated USD denominated long term financing facility and PIA’s latest SUKUK offering.

This alliance will allow HBL Debit and Credit Card holders to enjoy exclusive discounts on their domestic and international travel via PIA. The national flag carrier has a vision to promote tourism in Pakistan, especially the beautiful natural landscapes that the country has to offer. HBL being the market leader in the Debit and Credit Card market, with the highest number of card holders will help bring this vision to life. Transactions can be made both at the PIA booking offices (domestic and international) as well as through its corporate website, making the process convenient and seamless for the customers.

During the quarter, the Bank’s credit ratings were re-affirmed by VIS Credit Rating Company Ltd at AAA/A-1+ for long term and short term respectively. The rating of its TFCs issued as Additional Tier 1 Capital have been reaffirmed as AA+. The Outlook on all ratings is Stable.

Air Marshal Arshad Malik congratulated both the teams for creating a new dimension in air travel in the country. Speaking on the occasion, he said, “PIA is following a comprehensive restructuring plan to turnaround the stature of the national flag carrier. We are en route to resurgence despite the recent challenges, and this is only possible with an enhanced focus on partnerships and alliances with organizations like HBL.” He said that PIA and HBL are long term partners and natural allies, and it is about time we join hands to promote tourism across the country. He termed Sultan Ali Allana, Chairman - HBL as a great friend of PIA and a guiding beacon for the corporate sectors of Pakistan.

Muhammad Aurangzeb, President & CEO – HBL, commenting on the occasion said “We are delighted to have entered into this strategic partnership with PIA. HBL has long-standing relationship with PIA. This alliance will make travel more rewarding for our customers and it is another step towards HBL’s commitment to support the national agenda to promote travel and tourism across Pakistan.”