The National Bank of Pakistan (NBP) and Transparency International Pakistan (TIP) have signed a Memorandum of Understanding (MoU) for implementation of ''Integrity Pact'' and transparency in the bank''s procurement system.
Transparency International is an international non-profit non-governmental organisation, dedicated to stop corruption world-wide. Through over 98 independent ''National Chapters'', Transparency International has brought together people of integrity in civil society.
The ''Integrity Pact'' is an integral part of the National Accountability Bureau''s initiative towards ''Shafaff Pakistan''--the national anti-corruption strategy (NACS) approved by the Cabinet on September 20, 2005 and October 5, 2002.
The President approved its implementation mechanism on October 24, 2002.
''Integrity Pact'' is a tool, developed by Transparency International, to ensure that all activities and decisions of public offices are transparent and that the projects/works are implemented, services are provided or taken, and goods/materials are supplied without giving, taking or allowing for any kind of benefit, financial or otherwise. Justification of the decision taken is provided without discrimination to all parties concerned or to any individual or institution/organisation.
As a result of this MoU, NBP and TIP will work jointly for implementation of the recommendations in the NACS involving TIP in procurement, and Public Procurement Rules - 2004. NBP will establish ''a best effort accountability'' in all its dealings and try to provide all necessary checks and balances in its efforts towards transparent procurement systems. A Co-ordination Committee comprising NBP and TIP members will be formed to implement the ''Integrity Pact''.
There are approximately 10 million accounts with NBP and over 1.5 million customers who are availing some form of credit and other products from NBP.
The bank offers a wide array of retail, corporate, investment and trade finance products through the largest and strongest branch network in Pakistan. NBP has a presence in 18 countries across the globe. Recently, the bank has been awarded a full banking licence for Saudi Arabia.
The NBP has also achieved another milestone by winning ''Bank of the Year'' award by ''Banker'' Magazine, Financial Times Group of the United Kingdom. The bank has achieved it four times in the last five years, the most recent one being the 2005 award. The ''Banker'' Magazine has also declared it as one of the most profitable banks in the world in terms of Return on Capital.-PR
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