The management of the National Bank of Pakistan (NBP) has decided to shutdown four of its branches in Bangladesh and Afghanistan, NBP officialsinformed while giving a briefing to the Standing Committee of Senate onFinance.
The move has come as part of the bank’s consolidation plan for overseasbanking operations.
The officials told the Committee that the bank is closing its operations ofthree branches in different cities of Bangladesh, including Dhaka,Chittagong, and Sylhet, which have been running in losses for a long period.——————————
——————————
In this connection, the regulatory approvals were sought from the bankingregulator of Pakistan and the host country, Bangladesh.
NBP operates four branches in Bangladesh. It opened its first branch in thecapital city, Dhaka, back in 1994.
Read Top Stories
In Afghanistan, NBP will also shut down its branch in Jalalabad due toconsistent losses in operations. The bank had started its operations therein 2004.
Reportedly, two private banks of Pakistan have also closed down theirbranches in the same city.
The management of NBP has decided to scale down its foreign operations,mainly through its branches. It is working to shut down at least sevenbranches this year, out of 21 total branches.
In the next phase, the NBP management will further review the operations ofvarious branches in different countries and decide whether they will beshut down or remain functional.
