The recent Memorandum of Understanding (MoU) signed between City Bank PLC and the National Pension Authority marks a significant step forward, making City Bank the first private commercial bank to engage in opening and managing various universal pension schemes for both resident and non-resident Bangladeshis.
This partnership facilitates the promotion of new schemes for individuals, both within Bangladesh and abroad, enabling the seamless management of monthly instalment payments digitally and through other available channels.
For residents in Bangladesh, the process of opening schemes will be accessible through the Citytouch and Citylive digital bank apps. Meanwhile, non-resident Bangladeshis will have the convenience of using the CityRemit app, primarily utilized for remittance, to open and manage these pension schemes.
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City Bank will play a pivotal role as a partner of the National Pension Authority, actively promoting all universal pension schemes across its extensive network of branches, sub-branches, and agent banking services.
Particularly focusing on the Malaysian market, where City Bank operates a remittance subsidiary with 15 branches, the bank aims to cater to Bangladeshi remitters residing abroad.
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The MoU signing ceremony witnessed the participation of key figures such as 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, among others from both the Ministry of Finance and the bank.
