Karachi: November 25, 2014 – K-Electric (KE) and Faysal Bank Limited (FBL) recently entered into an agreement whereby KE customers will be able to pay their bill at any FBL Branch in Karachi through the advanced mechanism of UBPS (Utility Bills Payment System). This initiative will help with timely processing & avoid manual delays in consumer payments and transfer funds online into KE’s account in addition to controlling invalid and fraudulent transactions.
The agreement was signed by Mr. Nayyer Hussain, Chief Executive Officer- K-Electric and Mr. Nauman Ansari, President & CEO – Faysal Bank. Mr. Nayyer Hussain, Chief Executive Office, K-Electric reiterated “That this initiative is a part of the Company’s technology road map implementation that aims to make the entire system cost effective and customer-centric. We believe that investing in the ongoing well-being of our customer and technology is ultimate definition of a sustainable business. We value the relationship that we currently have with Faysal Bank, and look forward to developing it further”.
Mr. Nauman Ansari, President & CEO, – Faysal Bank, stated, “In keeping with our commitment to improve services for customers and enhancing the customer experience, the shifting of volumes from manual to online processing solution provided by FBL will benefit not only the consumers but KE as well as increasing operational efficiencies and customer convenience.”
K-Electric Limited formerly known as Karachi Electric Supply Company Limited (KESC) is at present the only vertically-integrated power utility in Pakistan that manages the generation, transmission and distribution of electricity to the city. It was established one hundred years ago on September 13, 1913 and is one of the oldest companies operational in Karachi. It was set up under the Indian Companies Act of 1882 as the Karachi Electric Supply Corporation – KESC. The entity was nationalized in 1952 but re-privatized on November 29, 2005.The Company covers a vast area of over 6,500 square kilometers and supplies electricity to all the industrial, commercial, agricultural and residential areas that come under its network, comprising over 2.2 million customers in Karachi and in the nearby towns of Dhabeji and Gharo in Sindh and Hub, Uthal, Vindar and Bela in Balochistan .
Faysal Bank Limited was incorporated in Pakistan on October 3rd, 1994 as a public Limited company under the Companies Ordinance, 1984. Currently, the Bank’s shares are listed on the Karachi, Lahore and Islamabad Stock exchanges. Faysal Bank is engaged in Commercial, Retail, Corporate and Islamic banking activities. The Pakistan Credit Rating Agency Limited (PACRA) and JCR-VIS Credit Rating Company Limited have determined the Bank’s long term rating as ‘AA’ and short term rating as ‘A1+’. Faysal Bank’s footprint now spreads over more than 265 branches in over 80 cities, with business assets in excess of PKR 350 billion, placing it amongst the top ten banks in Pakistan. Faysal Bank’s ambition is to provide par excellence service to its customers while meeting their financial needs.
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