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Citi & Habib Metropolitan Bank Announce Trade Processing Agreement |
Collaboration to Result in Greater Synergies for HMB’s Asian business
Karachi – Habib Metropolitan Bank (HMB) and Citibank N.A. Pakistan (Citi) announced the signing of an Asia Letter of Credit Relay Program Agreement that will allow HMB to access Citi’s centralized processing platform in Penang Malaysia and efficiently manage its L/C’s across the Asian region. The agreement is one of the first whereby a Pakistani bank will conduct trade business in Asia by leveraging on Citi’s processing platform.
Mr. Kassim Parekh, President, Habib Metropolitan Bank, Ltd., Pakistan said “HMB and Citi have a long standing relationship based on mutual trust and successful collaborations – these along with Citi’s operational infrastructure and superior technology were the key drivers behind our decision to partner with Citi.”
Arif Usmani, Country Officer and Managing Director, Citi Pakistan, said: “As a global bank operating in 100 countries, Citi is well-placed to offer innovative solutions. This deal and its overarching benefits to HMB underscore our commitment to our clients and demonstrates HMB’s strategic approach to its business.”
HMB, a subsidiary of Habib Bank AG Zurich, is recognized as a service quality leader in Pakistan and enjoys a dominant share of the country’s trade finance activities.
Citibank N.A. Pakistan is a wholly owned branch of Citigroup. The bank has had a presence in Pakistan for the past 45 years. It is considered a market leader in the local market and a leading provider of trade products.
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