National Bank of Pakistan launches home remittance services – Alfalah Securities Limited

Karachi, June 08, 2012 (PPI-OT): National Bank of Pakistan (NBP) has started “Foree cash” and “Foree transfer” home remittance services with Ria Financial Services, a wholly-owned subsidiary of Euro net World-wide, Inc.

According to Alfalah Securities Limited, the partnership between Ria Financial Services and NBP would facilitate expatriate Pakistanis to send their money to their families and friends in Pakistan by visiting any Ria Financial Services agent location world-wide. Ria Financial Services was founded in 1987 and currently has a global agent network of 155,000 locations in over 136 countries on six continents.

The amount remitted from abroad can be collected from any of the NBP nationwide 1,277 branches across Pakistan, even without having a bank account. Moreover, NBP Foree Transfer would offer credit to individual accounts in over 1,200 online branches. This measure bodes well for NBP by improving working efficiency and business activity. Alfalah Securities Limited recommends a BUY on NBP with Target Price of PkR 59.47 trading at an attractive CY12 Price to Book of 0.58x.