Bank Of Punjab & PMRC enters into Mortgage Refinance Agreement

LAHORE ( STAFF REPORT )

Pakistan Mortgage Refinance Company (PMRC) & The Bank of Punjab (BOP) has join hands
together for providing and promoting affordable mortgage finance in the country.
We feel proud to have successfully closed the maiden deal with The Bank of Punjab, this
landmark transaction makes The Bank of Punjab the first Government Bank in Pakistan to enter
in mortgage refinance arrangement.
With this venture, PMRC has created a far-reaching footprint and has now become the first
financial institution in Pakistan to register security / collateral of a body corporate using Secured
Transaction Registry.
This endeavor is an effort by both the institutions to materialize and contribute to Prime
Minister’s mission of providing affordable housing to citizens. The transaction will allow The
Bank of Punjab to provide affordable housing finance to low and middle income citizens and
government employees.
Mudassir H. Khan, CEO of PMRC expressed that “it is indeed a proud moment for both the
institutions, as we recognize the importance of mutual coordination between the financial
institutions and achieving a milestone transaction which would help to achieve government
vision of providing accessible housing finance”.
Mr. Zafar Masud, President of BOP while emphasizing on the role of PMRC said, “we are
witnessing a momentum shift, as this is the first mortgage refinance transaction where a
Government bank is now a Partner Financial Institution with PMRC and will be engaged in
promoting affordable housing finance business”. He further appreciated PMRC Business and
Product team’s efforts for making this transaction happen.

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