NBP And Byco Petroleum Pakistan Limited Ink Cash Management Arrangements Agreement

ISLAMABAD, (UrduPoint / Pakistan Point News - 26th Oct, 2016 ) : National Bank of Pakistan (NBP) and Byco have signed a cash management (collections) agreement. This arrangement would 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, said a statement issued by the NBP on Wednesday.

The signing ceremony was held at NBP's Head Office Karachi. Amir Abbassciy - Chairman Byco, along with Asad Azhar Siddiqui - CFO, Naeem Asghar Malik - Group Treasurer, Muhammad Saad Waheed - Treasury & Investmentsand Syed Ahmed Iqbal Ashraf, President-NBP along with Mudassir H.

Khan, SEVP &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, Asad Siddiqui CFO said "BycoPetroleum is an emerging energy company engaged in the business of oil refining, petroleum marketing, chemicals manufacturing and petroleum infrastructure and logistics.

At Byco wealways 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."