City Bank sign deal with NPA to promote, facilitate universal pension schemes

Business Desk :
City Bank PLC has signed an MoU a with the National Pension Authority (NPA) 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 home and abroad and also facilitate their monthly installment payments digitally and through other means.

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