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NBP, two Saudi banks sign deal for home remittances

Friday, 14 May 2010 15:50

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Source: Daily Times

National Bank of Pakistan (NBP) signed deals with two Saudi banks for remittances delivery to Pakistan. Al-Rajhi Bank, largest Islamic bank in the world through its Tahweel Al-Rajhi Remittance Centres and Bank Al-Bilad through its Enjaz Remittance Centres will send Pakistan bound home remittances to NBP for onward delivery to beneficiaries.

President NBP, Ali Raza said the two banks are top two in remittances business in Saudi Arabia and having remittances arrangements with them is likely to boost remittances to Pakistan.

NBP made major structural changes and completely revamped home remittances setup to provide value-added, fast, reliable, convenient service to customers. In recent months, remittance delivery has shown remarkable growth despite recent global financial crisis due to strong initiatives taken by the government.