Finance ministry seeks details on closure of NBP Paris branch

ISLAMABAD: The Ministry of Finance has sought details from National Bank of Pakistan as well as State Bank on closure of its Paris branch.

Sources said that the Ministry of Finance has written a letter to the NBP as well as the Governor State Bank of Pakistan with regard to closure of the Paris branch of the government-owned bank.

The Finance division has asked the SBP and President NBP to furnish details about the closure at the earliest. Earlier, it was reported that NBP shut down three foreign branches in different countries namely Bangladesh (Sylhet), Afghanistan (Jalalabad) and Uzbekistan (Tashkent).

The closure of foreign branches is being carried out under the bank management’s plan to overcome losses from these markets due to multiple operational challenges in the host countries.

Reportedly, the bank’s management planned to scale down its foreign operations last year which included several branches and subsidiaries for up to 14 entities. The bank reviewed its plan and focused on seven markets for winding up operations in the first phase whereas the rest of the closures will be decided later.

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