National Bank of Pakistan and Byco Petroleum Pakistan Limited enter into a Cash Management Arrangements Agreement

Karachi, October 26, 2016 (PPI-OT): NBP and Byco have signed a cash management (collections) agreement. This arrangement will enable all Byco dealers to deposit their payments in favor of Byco at any NBP branch across Pakistan with transfer of funds on real time basis, supported by an advanced MIS system.

The signing ceremony was held at NBP’s Head Office. Amir Abbassciy – Chairman Byco, along with Asad Azhar Siddiqui – CFO, Naeem Asghar Malik – Group Treasurer, Muhammad Saad Waheed – Treasury and amp; Investments and Syed Ahmed Iqbal Ashraf, President-NBP along with Mudassir H. Khan, SEVP and amp; Group Chief-CRBG, Ahmad Naseem – Head Cash Management from NBP were present at the ceremony which was also attended by stakeholders from both institutions as well.

“At NBP, we believe that it is not about ideas, it’s about making ideas happen. Byco Petroleum is a strong name in the petroleum industry whereas NBP is the strongest bank in the country with unmatched geographic coverage across Pakistan. Combining our strengths will significantly increase efficiencies and create possibilities that will facilitate all stakeholders.” commented Mudassir Khan.

Speaking at the occasion Mr. Asad Siddiqui CFO said “Byco Petroleum is an emerging energy company engaged in the business of oil refining, petroleum marketing, chemicals manufacturing and petroleum infrastructure and logistics. At Byco we always look forward to adopt new ways and means to make processes efficient and effective. Our arrangement with Pakistan’s leading Bank will open new venues of cooperation with an objective to serve our customers better.”

For more information, contact:
Syed Ibne Hassan
Vice President / Divisional Head (A)
National Bank of Pakistan (NBP)
Corporate Communication and Brand Management Division
Head Office, NBP Building, I.I. Chundrigar Road,
Karachi, Pakistan
Tel: +92-21-99220773
Cell: +92-300-8202184
Fax: +92-21-99212734