City Bank signs MoU with National Pension Authority

City Bank PLC has signed a memorandum of understanding (MoU) with the National Pension Authority (NPA) as the first private commercial bank to promote universal pension schemes.

Kabirul Ezdani Khan, executive chairman of the NPA, and Mashrur Arefin, managing director and CEO of the bank, penned the MoU at the InterContinental Dhaka today, the bank said in a press release.

Under the MoU, the bank will promote the opening of new schemes by individuals at home and abroad and also facilitate their monthly instalment payments digitally and through other means.

Any resident of the country can open a scheme by going to Citytouch and Citylive digital bank apps of the bank. Even non-resident Bangladeshis can also open and manage the schemes using the CityRemit app which they use for sending money home.

The bank will specifically focus on the Malaysian market where it has a money remittance subsidiary with 15 branches spread across that country.

The lender will work as a partner of the NPA by promoting all the schemes under universal pension through its branches, sub-branches and agent banking network.

Among others, Md Khairuzzaman Mozumder, secretary of the ministry of finance, Golam Mostafa, additional secretary and member of the NPA, Sheikh Mohammad Maroof, additional managing director and chief business officer of the bank, Tahsin Haq, head of corporate cash management, and Saidur Rahman Farazi, CEO of CBL Money Transfer Malaysia Sdn Bhd, were also present.