The MoU was signed by Wajahat Husain and Wang Yi, Chairman Sinosure and defines the framework of co-operation between the two institutions with the objective to support CPEC projects and promote bilateral economic trade and investments. Sinosure is a state-owned policy institution established in 2001 to promote Chinese high-tech and high value-added capital goods by means of export credit insurance. Sinosure has been an integral part of all CPEC related investments in Pakistan and this agreement will position UBL as a front-line player in this strategic initiative between the two governments.
Speaking on the occasion, Wang Yi, Chairman Sinosure said, "Sinosure considers UBL at the forefront of the banking sector in Pakistan. The Bank is playing a pivotal role in the growth and economic sustainability of the country". He stressed that the signing of this MoU was very important for CPEC and that it would pave new ways of co-operation to achieve common objectives of the two countries.
Wajahat Husain, President & CEO UBL emphasised that CPEC is a transformative project, which holds enormous potential. He stressed that not only would it change the destiny of the whole region but also open a new vista of common development. He further added: "UBL's strong presence in Pakistan with a network of over 45,000 customer touch-points, which include 1,385+ branches across Pakistan and 19 branches overseas, is rightly positioned to serve Chinese investors' business interests. Moreover, UBL's banking pedigree will facilitate Sinosure in achieving its strategic aspirations in this part of the world".