Press Release

JCR-VIS upgrades Corporate Governance Rating of Allied Bank Limited to CGR-8++

Karachi, October 1, 2012: JCR-VIS Credit Rating Company Limited has upgraded the Corporate Governance Rating of Allied Bank Limited (ABL) to ‘CGR-8++’ from ‘CGR-8+’, denoting ‘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 institution, which include Regulatory Compliance; Board Oversight; Management Profile; Self-regulation; Financial Transparency and Relationship with Stakeholders. The rating takes into consideration the continued commitment of the Board and management of the bank to maintain a sound governance framework.

In March 2012, the Securities and Exchange Commission of Pakistan (SECP) revised the Code of Corporate Governance (CCG); apart from few provisions, where additional time is available for achieving compliance, the bank is already in compliance with most of the provisions introduced in the new CCG.

Implementation of Temenos (T-24) in branches has picked up pace subsequent to year-end 2011; so far, T-24 has been implemented in 539 (as on September 10, 2012) branches with full-fledged deployment in remaining branches targeted to materialize by June-end 2013. Deployment of Anti-Money Laundering solution and SAS - Enterprise Risk Management System is under implementation. Timely implementation of these systems would further strengthen overall risk framework of the bank.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 604) at 35311861-70 (10 lines) or fax to 35311872-73.



Javed Callea
Advisor

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