NRP investment in PSX: HABIBMETRO, CDC sign agreement

F.P. Report

KARACHI: HABIBMETRO and Central Depository Company (CDC) signed an agreement that aims to facilitate Non-Resident Pakistanis (NRPs) to invest in Pakistan’s stock market through the HABIBMETRO Roshan Digital Account (RDA). The RDA is an initiative of the government of Pakistan and the State Bank of Pakistan that brings banking convenience to Pakistanis residing, or owning declared assets, overseas.

On the occasion of the signing ceremony, Mohsin Ali Nathani, President & CEO HABIBMETRO commented, “We are pleased to collaborate with the CDC for enhancing our RDA offering and enabling NRPs to invest in Pakistan’s stock market in a hassle-free and convenient manner.’ He added, ‘HABIBMETRO and Habib Bank AG Zurich are committed to serving our customers regardless of where they are in the world. HABIBMETRO RDA offers NRPs digital account opening, convenient online banking and attractive opportunities that contribute toward the progress of Pakistan.’

HABIBMETRO’s Roshan Digital Account provides NRPs with an innovative banking solution to undertake banking-payments, fund-transfers and investment activities in Pakistan, from anywhere in the world. The RDA program is available for Conventional and Islamic Banking customers around the world. Since its launch 6 weeks ago, HABIBMETRO RDA has contributed over 5 percent to the Rs. 600 million+ remittances attracted through the initiative.

Expressing his thoughts at the signing ceremony CEO CDC Mr. Badiuddin Akber said, “Roshan Digital Account is a remarkable step taken by the State Bank of Pakistan to facilitate Overseas Pakistanis. Overseas Pakistanis are indeed a very valuable asset of our country and the Central Depository Company of Pakistan Limited (CDC) is privileged to facilitate them for investment in one of Asia’s best performing stock markets. As a result of this arrangement, more than 3500 capital market accounts have been opened for RDA holders bringing in an investment of more than Rs1.2 billion. We are confident that this integration between HabibMetro and CDC will further fortify the foreign investment avenue channelized via the Roshan Digital Accounts, and that in future the same channel can be leveraged for further investment diversification, such as mutual fund investments.”

The event was graced by Chairman CDC, Mr. Moin Fudda, CEO MUFAP Ms. Mashmooma Majeed and the legendary squash player, Mr. Jahangir Khan, who is the brand ambassador for HABIBMETRO RDA.

HBZ provides banking services in 10 countries around the world (Switzerland, UK, UAE, Pakistan, Canada, Hong Kong, South Africa, Kenya and rep offices in Bangladesh, China and Pakistan). The Group, which is incorporated in Switzerland, completed 50 years of operations in 2017.

HABIBMETRO Bank is a subsidiary of Habib Bank AG Zurich in Pakistan. It is one of the leading trade finance banks in the country and operates with over 400 branches in 140 cities of Pakistan.