NBP and Byco enter into cash management deal

KARACHI: The National Bank of Pakistan 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 AsadAzhar Siddiqui – CFO, NaeemAsghar Malik Group Treasurer, Muhammad Saad Waheed Treasury & Investmentsand Syed Ahmed Iqbal Ashraf, President-NBP along with Mudassir H. Khan, SEVP &Group ChiefCRBG, Ahmad Naseem – Head Cash Management from NBP were present at the ceremony which was also attended by stakeholders from both institutions as well. “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.”