HBL ventures into agriculture with launch of HBL Zarai Services

February 27, 2024 (MLN): Habib Bank Limited (PSX: HBL) launched a new company, HBL Zarai Services, a significant step forward in the realm of agricultural development and food security in Pakistan, in Burewala yesterday, according to a press release issued by the bank.

This is in alignment with Pakistan's strategic priorities and under the visionary scope of the Aga Khan Development Network (AKDN).

HBL Zarai Services, a fully owned subsidiary of HBL, stands as the pioneer agriculture-specialized extension services company in Pakistan.

By providing access to essential resources and expertise, HBL Zarai Services aims to empower farmers and enhance productivity, efficiency, and profitability throughout the agriculture value chain.

With a focus on sustainability and environmental stewardship, HBL Zarai Services seeks to promote responsible agricultural practices that ensure the long-term viability of farming communities and natural resources.

HBL remains grateful to the State Bank of Pakistan (SBP) and the regulators for the trust and confidence they have reposed on the Bank, through the opening of this subsidiary.

The inauguration ceremony for HBL Zarai Services was attended by clients, regulators, and senior executives of the Bank. The Chief Guest for the event was Dr. Inayat Hussain, Deputy Governor - SBP.

On the occasion of the ceremony marking the launch of HBL Zarai, Sultan Ali Allana, Chairman of HBL said, “We have been actively pursuing programs and introducing solutions for the growth and progress of the Agricultural Sector since the privatization of the bank in 2004.'

With the formation and launch of HBL Zarai, the bank will be able to host advisory and input services along with offtake and warehousing right at the farmer's doorstep through Deras, he noted

Muhammad Aurangzeb, President & CEO - HBL, emphasized the Bank's unwavering dedication to sustainability stating, “Pakistan's agricultural landscape stands at a critical juncture. While agriculture remains the backbone of our economy, its potential to drive growth and prosperity has yet to be fully realized."

"HBL has long recognized the mutual relationship between economic progress, social development, and a thriving agricultural economy. HBL Zarai Services emerges as a beacon of hope, signaling our commitment to fostering positive change and promoting food security across the nation,” he added.

Amer Aziz, CEO of HBL Zarai Services stated, “This unique venture positions HBL to play a leading role in improving value chains across every economically significant sector, thus fostering sustainable agricultural practices and promoting food security nationwide.

"The prime values that HBL Zarai holds will remain to raise farm yields and to empower farmers by increasing their income levels. We will be guided by our vision of ‘We are who we serve’,” he further stated.

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