Pakistan Post and Citigroup Sign Agreement for New Collection Points for Corporate Clients Across Pakistan
Islamabad, August 11, 2004 – Citibank N.A. Pakistan (a member of Citigroup) and Pakistan Post signed an agreement on August 11, 2004, to create wider distribution network and new alternative collection points for Citigroup corporate customers across the country.
Chairman Pakistan Postal Services Management Board, Agha Masood Hasan and Citigroup Country Officer, Zubyr Soomro graced the occasion of the signing ceremony of a historic agreement in the board room of the Directorate General G-8/4, Islamabad. The agreement was signed by Zia-ur-Rehman, Member Board / Additional Director General (Administration & Finance) on behalf of Pakistan Post and Imran Zaidi Head of Global Transaction Services on behalf of Citigroup. The ceremony was attended by senior Postal and Citigroup executives.
Agha Masood Hasan, Chairman Pakistan Postal Services Management Board said that under this landmark agreement, Pakistan Post will be providing Citigroup corporate customers the convenience of making cash and cheque deposits through 81 GPOs and Post Malls throughout the country. He said that Pakistan Post is one of the biggest financial institutions in the country, transacting over 2.5 billion rupees every day and its network of 13,000 Post Offices are visited by more than 7 million people daily. He further said that Pakistan Post intends to increase the number of online branches significantly in the coming months, which will in due course also be included in this agreement.
Speaking at the occasion, Zubyr Soomro, Managing Director and Citigroup Country Officer said that Citigroup is committed to a continual process of product development and network enhancement. He said that Citigroup maintains its leadership in developing and providing Cash Management products and services to its customers through dedicated resources and substantial investments in infrastructure. The agreement and arrangement with Pakistan Post is a continuation of Citigroup’s strategy of expanding distribution channels, which already include proprietary branches as well as correspondent bank branches.
Mr. Zia-ur-Rehman, Member, Board / Additional Director General (Administration & Finance) while expressing his views informed that the strategy of collaboration envisages that by synergizing their core competencies, Pakistan Post and Citigroup will enable Citigroup’s Cash Management customers to avail financial services at every nook and corner of the country. He said that as part of re-engineering of the Management structure and diversification of the business, this agreement will go a long way in bringing transfer of business expertise, technology and human resource development of Pakistan Post, thereby contributing to the economic development of the country.
