NATIONAL BANK OF PAKISTAN TO OPEN BRANCH IN AZERBAIJAN
Addressing the management trainees of the NBP, he said this branch would cater to the banking needs of European and Japanese companies conducting business with Azerbaijan.
He said: "We are making a long-term investment by opening this branch because presently most of the trade between Pakistan and Central Asian States is not routed through normal banking channels. But we expect that with the passage of time, the use of banking channels would increase substantially."
He added: "Our Kabul branch is doing a roaring business and Western countries are preferring our branch to route their banking transactions."
He said the bank has adopted strict measures with regard to anti-money laundering besides stopping terrorist financing.
Raza disclosed that recently American authorities have imposed heavy fine on State Bank of India - one of the ten largest commercial banks of India - for not adhering to anti-money laundering measures, imposed by the US.
Further, he explained, the Indian bank would be facing additional penalties such as being prohibited from expanding its business operations in the US for the next five years.
He mentioned that a leading stock market analyst company has declared the stocks of the NBP as the best performing stocks of the year based on its rate of return - being over 1,000 per cent.
Raza said that in order to meet the marketing challenges, the NBP is standardizing its branches in the next two years.
He said the financial services sector of Pakistan is undergoing tremendous changes and predicted that the NBP would be the market leader since it has also diversified in the agriculture sector by introducing new financial products.
He announced that more management trainees would be inducted into the bank in the near future.
Earlier, Dr Mirza Abrar Baig presented the performance of NBP’s HR department. Later on, the management trainees were conferred with letter of confirmation of their jobs.
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