KASB Bank Appoints Bank of Azad Jammu and Kashmir as MoneyGram Agent

Karachi, June 15, 2012 (PPI-OT): KASB Bank as a Super Agent of Money Gram International has appointed Bank of Azad Jammu and Kashmir as an Agent for Money Gram International in Pakistan.

Money Gram International is a leading global money transfer company based in the United States. It operates via an agent network of around 267,000 locations in 192 countries and territories worldwide.

In the wake of an aged long desire of the people of the State of Jammu and Kashmir, the Azad Government of the State has since established the Bank of Azad Jammu and Kashmir. The Bank in legal parlance took its birth through an enactment passed by the Legislative Assembly of the State of Azad Jammu and Kashmir in the year 2005.

The agency agreement was signed between KASB Bank and Bank of Azad Jammu and Kashmir on June 11, 2012. The agreement empowers BoAJK to handle and process inward remittances routed via MoneyGram International from around the globe. Currently Pakistan is ranked amongst the top five remittance receiving nation globally.

In the month of March 2012 alone, $1.142 Billion was sent to Pakistan through legal channels under the Home Remittance Initiative scheme of PRI as opposed to $1.052 Billion sent in the same month of the preceding year.

The signing of this agency agreement will allow KASB Bank and BoAJK to better serve the people of Azad Jammu and Kashmir, both here in Pakistan and abroad.

For more information, Contact:
KASB Bank
Business and Finance Center,
Ground Floor, I. I. Chundrigar Road,
Karachi
UAN +92 (21) – 111-555-666
Phone +92 (21) – 32446005-10, +92 (21) – 32446772-77
FAX +92 (21) – 32446781