NBP, Citibank enter into a customer facilitation agreement

KARACHI, April 11: Citibank N.A., Pakistan has entered into a Tax Payment Facilitation Agreement with National Bank of Pakistan (NBP). This arrangement will enable value added services to be provided to Citi’s customers by NBP by replacing manual instruments with a more efficient electronic transfer mechanism leveraging on the State Bank of Pakistan’s Real Time Gross Settlement System (RTGS).
The signing ceremony was held at NBP’s Head Office. Atiq Rehman CEO Citi MEA, along with Nadeem Lodhi CCO & MD Citibank N.A., Pakistan and Syed Ahmed Iqbal Ashraf, President-NBP along with Mudassir H. Khan, SEVP & Group Chief, CRBG from NBP were present at the ceremony which was also attended by other stakeholders from both Bank’s as well.
This arrangement will result in streamlining the tax payment process for Citi’s clientele by allowing the payment to be routed electronically and will result in faster realization of tax proceeds. As the tax collection bank for FBR, NBP has played a vital role in structuring this solution.
“Being the Nation’s Bank, NBP is continuously striving to create new synergistic alliances with a view to facilitate our customers. We take pride in acting as a catalyst for the economic growth of the country. This agreement will further improve the ease of doing business in Pakistan and will create a win-win situation for all parties concerned. Hence, serving the national cause.” said Iqbal Ashraf. “At NBP, we believe that it is not about ideas, it’s about making ideas happen. Citibank is a global institution whereas NBP is the strongest bank in Pakistan. Combining our strengths can create possibilities that will facilitate all stakeholders and benefit every segment of the economy.” commented Mudassir Khan.-Online