The Pakistan Credit Rating Agency (PACRA) upgrades the long term entity rating

November 13, 2004
The Pakistan Credit Rating Agency (PACRA) has upgraded the long and short term credit ratings of First Women Bank Limited to “AA” (Double A) and “ A1+” (A One Plus), respectively. The ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments.

The ratings upgrade is a consequence of confirmation of the public sector status of the bank and consequently, the applicability of Bank Nationalization Act, 1974 (BNA) by Ministry of Finance. Resultant the safety of deposits stand guaranteed by the Government of Pakistan. However, the ratings remain contingent upon the continuation of majority public sector shareholding in the bank. Meanwhile the standalone credit ratings of the bank remain unchanged.

First Women Bank Ltd. was established in 1989 with a vision to be the leading bank for women, catering to the special economic needs of women both in urban & rural areas of Pakistan and enabling them to participate more actively in the economic process. The Board of Directors comprises seven members including the presidents of all the big five banks.

The Bank has been precluded from playing its expected role efficiently owing to its weak institutional capacity as well as ineffective linkage with the target community as a result of deficient personnel skills.

The current Chief Executive/ President was appointed on a three years term. At the expiry of her term, she has been given an extension for two years. The change of management under the leadership of the new President has provided the bank with the much needed strategic focus and formulation of proper risk evaluation and management systems necessary for viable operations in addition to strengthening the staff support. The management is assiduously steering the bank towards a healthy financial condition, while redressing the operational weaknesses. The continuity in top management will ensure sustainability of the turnaround process.

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