U Microfinance Bank (U Bank) and Yousuf Dewan Companies have joined forces in a strategic partnership aimed at leveraging their respective strengths to offer innovative financing options, enhancing accessibility and affordability for customers interested in electric vehicles (EVs).
Through this collaboration, customers of Yousuf Dewan Companies will gain access to exclusive loan offerings and bundled services for acquiring Honri and KIA electric vehicles, complete with insurance coverage and registration facilitation.
The Memorandum of Understanding was recently formalized at a ceremony held in Islamabad, attended by Mr. Mohamed Essa Al Taheri, President & CEO of U Bank, and Mr. Dewan Mohammad Yousuf Farooqui, Chairman of Dewan Group, alongside senior executives from both organizations.
Speaking at the signing ceremony, Mr. Mohamed Essa Al Taheri expressed enthusiasm about the collaboration, stating, “Partnering with Yousuf Dewan Companies enables us to deliver innovative financing solutions tailored to EV enthusiasts. This initiative not only enhances affordability in mobility but also reinforces our commitment to a sustainable future. Moreover, by integrating our financial expertise with Yousuf Dewan Companies’ market leadership, we aim to drive technological and financial innovations that benefit all stakeholders.”
Mr. Dewan Mohammad Yousuf Farooqui also underscored the significance of the partnership, remarking, “This collaboration with U Microfinance Bank represents a milestone in our efforts to provide accessible financing solutions. By facilitating easier access to EV ownership, we contribute not only to individual mobility but also to a sustainable future. Our alliance underscores our dedication to innovation and progress in Pakistan’s automotive sector.”
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 boasts a network of more than 375+ branches across 210 cities and rural areas in Pakistan, offering a diverse range of microfinance loans, deposit products, and branchless banking solutions. U Bank’s branchless banking services are provided 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. Within 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 dedicates itself to promoting sustainable and eco-friendly mobility through Honri electric vehicles.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.
