Global Finance, New York, one of the leading financial journals, has selected National Bank of Pakistan (NBP) as "The Best Foreign Exchange Bank in Pakistan-2006". This is the third consecutive year that NBP has won this prestigious award.
Another recognition of the bank announced by Global Finance is awarding NBP the "Best Emerging Market Bank in Pakistan-2006". The award giving ceremony will be held on September 18, 2006, in Singapore during the annual meeting of the IMF and World Bank.
NBP was the first to establish a foreign exchange company in February 2003 after the State Bank of Pakistan liberalised the foreign currency business. NBP Exchange Company offers a full range of foreign exchange services to individuals and companies through the extensive use of network of international correspondents covering over 100 countries. NBP Exchange Company has branches in Karachi, Rawalpindi, Mirpur AK and Islamabad. The operations will shortly be extended to Pershawar and Lahore.
The selection criteria for the "Best Emerging Market Bank in Pakistan-2006", besides transaction volume and market share, included customer service, competitive pricing and innovative products and technology.
NBP showed very strong financial performance during the year 2006. Pretax profits improved by 59 percent year-on-year and reached Rs 19 billion ($319 million). The bank continued to make substantial investment in technology and upgrading its human resource base. NBP's focus on marketing diversified asset products to its 10 million-plus account holders to maintain revenue momentum through higher fee and interest income was another factor in its selection for the award.
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