City Bank PLC signed a Memorandum of Understanding (MoU) with the National Pension Authority as the first private commercial bank to render services on opening and managing different universal pension schemes by both resident and non-resident Bangladeshis.
Under this MoU, the bank would promote the opening of new schemes by individuals at home and abroad and also facilitate their monthly instalment payments digitally and through other means.
The signing ceremony was held at a city hotel on Tuesday.
In presence of Dr Md Khairuzzaman Mozumder, secretary of Finance Division, Mashrur Arefin, Managing Director & CEO of City Bank and Kabirul Ezdani Khan, Executive Chairman of the National Pension Authority signed the MoU on behalf of their respective organisations.
Speaking at the function, Dr Md Khairuzzaman Mozumder said the government was considering the introduction of a national social insurance scheme to bolster the social safety net for people.
Terming the universal pension scheme as the best investment tool in the country, Mozumder said the government was trying to create awareness among the people to promote it.
Individuals living in Bangladesh desiring to open a scheme will be able using Citytouch and Citylive, digital bank apps of the bank, while non-resident Bangladeshis will open and manage the schemes using CityRemit app which they use for sending money home.
The bank will work as a partner of the National Pension Authority by promoting all the schemes under universal pension through its vast network of branches, sub-branches and agent banking network.
For Bangladeshi remitters living abroad, the bank will specifically focus on the Malaysian market where it has a money remittance subsidiary with 15 branches across that country.
Golam Mostafa, Additional Secretary and Member of National Pension Authority, Sheikh Mohammad Maroof, AMD & Chief Business Officer of City Bank, Saidur Rahman Farazi, CEO of CBL Money Transfer Malaysia Sdn. Bhd., and Tahsin Haq, Head of Corporate Cash Management of City Bank and other dignitaries were also present at the event.
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