TCS, DIB sign corporate financing agreementMarch 24, 2015
KARACHI: Pakistan’s largest express and logistics company, TCS has signed a Corporate Financing Agreement with Dubai Islamic Bank (Pakistan) Ltd. worth PKR 600 Million which includes short-term working capital, fleet financing, and car financing facilities for TCS employees.
The overall arrangement and delivery of financial services would involve close collaboration between the Treasury & Corporate Finance team at TCS headed by Fahd Ali Sheikh and DIB’s Corporate Banking team represented by Ghazanfar Ali Baig.
Through this strategic financial arrangement, DIB’s Cash Management team represented by Danish-ul-Haq will also be facilitating TCS in enhancing efficiency of its payments processes, cutting overall transactional costs including salary disbursements for 10,000 TCS employees and ensuring effective cash collection from TCS area hubs in Karachi.
The facilities have a competitive pricing structure anchoring the reputation of TCS in terms of brand image and financial standing.
The agreement signing ceremony was attended by Junaid Ahmed, CEO, DIB and Zubair Haider Shaikh, Head of Corporate and Investment Banking, DIB along with Irtaza Ali Qureshi, Group CFO, TCS and Salman Akram, Country Head Corporate, TCS.