Karachi, January 11, 2018 (PPI-OT):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 more information, contact:
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi