City Bank becomes first private commercial bank to promote and facilitate universal pension schemes

City Bank PLC has signed an MoU with the National Pension Authority as the first private commercial bank to join the activities of opening and managing different universal pension schemes to be opened by both resident and non-resident Bangladeshis. 

Under this 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, reads a press release.

Individuals living in Bangladesh desiring to open a scheme will be able to do so by going into Citytouch and Citylive digital bank apps, while non-resident Bangladeshis will open and manage the schemes using the 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 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 spread across that country. 

In the presence of Md Khairuzzaman Mozumder, Secretary of the Ministry of Finance, Kabirul Ezdani Khan, Executive Chairman of the National Pension Authority and Mashrur Arefin, Managing Director & CEO of City Bank signed the MoU on behalf of their respective organisations. 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., Tahsin Haq, Head of Corporate Cash Management of City Bank and other high officials of the Ministry of Finance and the bank were also present at the event.