The National Bank of Pakistan (NBP) has taken necessary steps to tackle global menace of money laundering and bank transactions with terrorists, and in this connection it was imparting training to its staff, apart from adhering to strict regulations of the bank.
NBP President Syed Ali Raza expressed these views while talking to newsmen after an inaugural ceremony of NBP Defence Branch here on Tuesday.
He maintained that the training programme and regulations were always upgraded to meet the new challenges that surface from time to time. He stated the bank strictly follows its regulations before opening new accounts in order to neutralise money laundering and bank transactions with terrorists, hence many of our customers may find delays in opening of their accounts.
He further said the accounts that have out-of-routine huge transactions were thoroughly examined in order to counter money laundering. "It has become a global requirement to check such operation risks, otherwise a severe action against a bank could be taken in shape of heavy fines or cancellation of banking license, for failing to arrest such risks," he added.
According to him, in the last six months the bank has witnessed a 14 percent increase in its profits, despite the fact that interest rate has fallen. This surge in profit shows that the bank was doing well, while other commercial banks just broke even in the existing mark up environment.
To a question he replied there were no immediate plans to open a branch in India, however they have attained a licensee to open a branch in Dushanbe (Tajikistan), while they already have one branch each in Kabul and Jalalabad (Afghanistan) and Chittagong (Bangladesh), while there was a NBP subsidiary in Toronto (Canada). All these branches were running in profit while NBP was operating in 21 countries, he added.
Ali disclosed that soon new banking products, including insurance and debit card, would be introduced by NBP, which would add to the list of the bank's agriculture and housing schemes. He admitted that they were behind in information technology, but they were taking steps to catch up, which would take between three to five years.
On fake recruitment in NBP he said an inquiry into the matter was in the process and he had received an internal audit report and soon an external audit would also be conducted. He assured that stern actions would be taken if the irregularities were found.
Earlier, while addressing the audience he highlighted the price of NBP share had increased manifold since it was floated in February 2000, from Rs 10 to Rs 75, and by adding dividend and bonuses its value reaches to Rs 112.
He said that the bank aimed at providing service from one place and moreover they were opening new branches so that people could have an easy access to NBP. "Moreover, as per a leading banking magazine 'Bankers' Survey, the NBP was positioned eighth in the world on return and capital basis. The bank's profit increased manifold between 1999 and 2003, from Rs 450 million to Rs 9 billion," he added.
According to him, the banking sector in Pakistan was transforming to betterment; in fact it was meeting the international standards. We have become a leader in South Asian region, for not only offering a wide range of banking products, but also of high frequency of electronic transactions. The banking sector in the country had been flourishing and strengthening as time progressed.
He commended the services of the staff for making the bank a successful institution and said that they had shown commitment and dedication.
A large number of senior NBP bankers and businessmen including Shahzada Alam Monnoo, NBP Board Members, Iftikhar Ali Malik, Mian Adil Mahmood and Rahmatullah Javed attended the inaugural ceremony.
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