HMB and Citi sign LC agreement

Habib Metropolitan Bank (HMB) and Citibank Pakistan, a wholly owned subsidiary of Citi, have signed an Asia letter of credit relay programme agreement, which will enable HMB to become the first Pakistani bank across the region to leverage Citi's centralised processing platform in Penang, Malaysia, and efficiently manage its LC obligations across the region.

"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,” comments Kassim Parekh, president of HMB.

HMB, a subsidiary of Habib Bank AG Zurich, is considered to hold a dominant share of trade and finance activities in Pakistan. "This deal and its overarching benefits to HMB underscores our commitment to our clients and demonstrates HMB's strategic approach to its business,” says Arif Usmani, country officer and MD Citi Pakistan.