National Bank of Pakistan (NBP) plans to open a branch in Colombo to boost trade and investment opportunities.
NBP has all the documentation work in progress and the will open a branch when the paperwork is completed, Syed Ibne Hassan, Head of Corporate Communication at NBP, said in the statement.
A high-profile business delegation visiting from Sri Lanka headed by K. Abdul Baiz, Chairman of Puttalam Urban Council held discussions with senior bank officials on ways to increase business activities between the two countries.
The opening of the NBP branch at Colombo will also assist Pakistanis living in Sri Lanka to remit their finances to their home country at fast track, Hassan said.
Besides, the NBP branch will provide extraordinary facilities to Sri Lankan and Pakistani business communities for the opening of letters of credit and other business documentation, he added.
Baiz appreciated the effort of NBP officials for facilitation of the traders by opening the new branch in Sri Lanka.
He assured his complete support in this regard and informed the NBP officials that he already had a meeting with the Governor of the Central Bank to expedite the approval process.
Baiz also suggested the NBP officials make separate counters for Islamic banking in its Sri Lankan branches since the Sri Lankan business community is in favour of the Islamic mode of banking.