Citibank N.A., Pakistan (Citi) 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 realisation 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. "We are proud of our partnership with National Bank of Pakistan and are committed to delivering our clients with world class solutions and services that will enhance their operational efficiency in line with their growth strategy," commented Nadeem Lodhi.
Citibank N.A., Pakistan has been operating in Pakistan since 1961. Over the years, the bank has contributed significantly to the financial services sector by delivering innovative and best-in-class products and services. NBP with its nation-wide network of over 1400 branches has the maximum geographic coverage in Pakistan and an unmatched outreach to the general public, especially in the rural areas. It has redefined its role and has moved from a public sector organisation into a modern commercial bank.
The Bank's services are available to individuals, corporate entities and government. While it continues to act as a trustee of public funds and as the agent to the State Bank of Pakistan. Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.-PR
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