UBL to provide SIDCL with exclusive cash management services for Karachi Green Line bus rapid transit line.

United Bank Limited (UBL) recently entered into an exclusive Cash Management mandate with Sindh Infrastructure Development Co. Ltd. (SIDCL) at a ceremony held at the UBL Head Office in Karachi. The mandate was won by UBL through a formal bidding process last year in Nov '21 and the agreement was subsequently signed in Dec '21. The signing ceremony was delayed due to the pandemic and was formally concluded on 07th Feb '22. SIDCL was represented by Mr. Nadeem Lodhi, CEO and Mr. Shazad G. Dada, President and CEO, represented UBL.

SIDCL has been entrusted with the task of developing and improving the quality of mass transit system in the city of Karachi, including the development and operations of the Green Line and Orange Line Bus Rapid Transit (BRT) Project. They are dedicated to provide the people of Karachi a new and improved infrastructure with better transportation services for the masses.

Karachi Green Line Bus Rapid Transit Line (BRT) Project is first of six BRT lines. A first of its kind luxury bus mass-transportation system. It provides low-cost, fast, comfortable and reliable service with many modern amenities. The Karachi Green Line bus service has 22 stations and a route covering distance between Surjani Town and Numaish.

Through the agreement, UBL becomes the exclusive Cash Management service provider to the Company's Green Line BRT system including physical cash collection from all stations and ticket vending machines. UBL will also be the digital partner of Green Line BRT, enabling cashless purchase experience for the BRT commuters. The stations will be powered by UBL's state of the...