Press Release

JCR-VIS Reaffirms Corporate Governance Rating of Allied Bank Limited

Karachi, January 11, 2018: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Corporate Governance Rating of Allied Bank Limited (ABL) at “CGR-9+”. This rating is based on a scale ranging from CGR-1 (lowest) to CGR-10 (highest). The previous rating action was announced on November 09, 2016.
The rating reflects presence of strong corporate governance framework at ABL underpinned by sound internal control environment, financial transparency and regulatory compliance. The Board consists of seasoned professionals with diverse background. Performance evaluation of the Board members and Board Committees has been completed according to the detailed guidelines regarding performance evaluation. A professional and experienced team manages the control functions. Periodic rotation of the Group Chiefs is considered positive for effective implementation of succession plan.
ABL has provided sufficient transparency and disclosures regarding financial reporting and other relevant company’s affair. The Bank has hired the services of one of the top practicing firm as external auditors. Shareholders have smooth communication with the management. The Bank has taken various steps to further enhance relationship with employees. At the same time, the Bank is focused on improving customer service.
ABL has taken various initiatives to enhance effectiveness of compliance culture across the Bank. Internal audit and risk management framework have also been strengthened. The Bank regularly updates its technology to the latest version to improve its efficiency and efficacy. In pursuit of ABL’s vision to provide innovative digital banking experience to its customers, the Bank has introduced various business solutions.
For further information on this rating announcement, please contact the undersigned at 021-35311861-70 (Ext: 234) or Mr. Maimoon Rasheed at 042-35723411-13.

Javed Callea

Applicable Rating Criteria: Corporate Governance Rating (August 2017)

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. JCR-VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2018 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited