NBP, Citibank enter into agreement

KARACHI: Citibank NA, Pakistan (Citi) has entered into a Tax Payment Facilitation Agreement with the National Bank of Pakistan (NBP), a statement said on Monday.

This arrangement will enable value-added services to be provided to Citi's customers by the 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 the NBP Head Office.

Atiq Rehman - CEO Citi MEA, along with Nadeem Lodhi - CCO & MD Citibank NA, Pakistan and Syed Ahmed Iqbal Ashraf, President of the 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 the banks, 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.