KARACHI, Nov 24: National Bank of Pakistan (NBP) is examining the possibilities to set up a branch network in Saudi Arabia to tap between $700- $800 million worth remittances of overseas Pakistanis in the kingdom.

This was stated by the president, NBP Syed Ali Raza while talking to newsmen at an Iftar at a local hotel on Monday.

“We are working on this project and preparing a feasibility in this regard,” Raza said.

He pointed out that the NBP was also looking for a large business group in Saudi Arabia to open branches under a joint venture. “We are also thinking of setting up these branches independently,” he added.

He said that the Saudi government has allowed foreign banks to open their branches as the country needed modern banking network to support the vast infrastructure development.

Raza said Pakistan and Saudi Arabia enjoy very cordial and brotherly relations and opening of the NBP branches would further cement these ties.

He pointed out that Pakistani community in Saudi Arabia has been constantly demanding the opening of NBP branches there aimed at facilitating repatriation of money to their homeland.

Raza will meet the Governor of Saudi Central Bank known as Saudi Arabia Monetary Agency (SAMA) during his forthcoming visit to the kingdom on December 9, 2003.

“I am going their to attend a board of directors meeting of Al-Jazeera Bank in Riyadh and I will meet him to find out the rule and regulations for setting up bank branches in the kingdom,” he said. He said that the NBP would set up 4 to 5 branches in major cities of Saudi Arabia including Riyadh, Jeddah, Mecca, Madina.

To a question, he said that NBP would set up 8 to 10 Shariah compliant branches in next two to three months in major cities of Pakistan. To another question, Raza said that response to NBP branch in Kabul, Afghanistan was very encouraging. The branch has a staff of about 10 persons.

Talking about the new products, he said that NBP would launch debit cards and add 70 ATMs to its existing network by middle of next month.—APP