Press Release

JCR-VIS has upgraded the Corporate Governance Rating of Allied Bank Limited to CGR 8+ from CGR 8

Karachi, December 2, 2010: JCR-VIS Credit Rating Company Limited has upgraded the corporate governance rating of Allied Bank Limited (ABL) to CGR 8+ from CGR 8, which denotes ‘high level of corporate governance’. This rating is based on a scale ranging from CGR-1 (lowest) to CGR-10 (highest).

Corporate governance ratings are based on evaluation of key governance areas of the rated enterprise, which include regulatory compliance; ownership structure; composition and operations of the board of directors and executive management; self-regulation; financial transparency and relationship with stakeholders. In order to reduce the level of subjectivity inherent to any such exercise, we have further sub-divided these key areas into several other elements, each of which is considered independently by the rating committee. The rating action takes into account improvement in areas of internal audit & compliance; risk management; customer service; IT and the overall control environment. Moreover, progress regarding implementation of the new core-banking system (T-24) has also been taken into account.

For further information on this rating announcement, please contact Mr. Zia Usmani (Ext: 507) or Mr. Javed A. Callea (Ext: 501) at (+92-21) 35311861-70 (10 lines) or fax to (+92-21) 35311872-73.




Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS , the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2010 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .