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Islamabad, April 19, 2018 (PPI-OT): National Savings, along with their Advisors – EY Ford Rhodes and Haidermota BNR, organized a pre-bid conference here at Movenpick Hotel with local and international banks for selection of the Manager to the Issue (MTI) for the upcoming product specifically for the Overseas Pakistanis. Government has decided to launch a retail bond under the platform of National Savings called Overseas Pakistanis Savings Certificates (OPSCs).
OPSCs will be a script less retail certificates in both the US Dollar and Pak Rupee currencies, which are being initially being launched in Gulf Cooperation Council (GCC) countries. National Savings desires to hire services of a bank or financial institution which has got comprehensive and robust operations, custody business and strong compliance mechanism with the local presence in Pakistan. After the hiring of the MTI, the OPSCs product is expected to be launched by May 2018 in the target markets.
Mr. Huzefa Mazahir of EY Ford Rhodes briefed the participants about the salient features of the OPSCs and described the objectives comprehensively which National Savings desires to attain through hiring of the MTI for OPSCs product. Mr. Ali Akbar from HaidermotaBNR commented on the legal aspects of the proposed product. Mr. Zafar Masud, Director General, National Savings answered the queries raised by the participants and clarified the issues related to the new scheme of National Savings.
Mr. Masud described the process of OPSCs products structuring as first-of-its-kind in the world given its professional process and management undertaken by National Savings. Mr. Zafar Masud thanked all the participants for joining the Pre-Bid Conference Call. Participants from the World Bank, Standard Chartered, DIB Pakistan, UBL, MCB, Samba Bank, Pakistan Stock Exchange and other financial institutions joined the Pre-Bid Conference.
For more information, contact:
National Savings
Ministry of Finance Government of Pakistan
Central Directorate of National Savings,
23-N, Savings House, G-6 Markaz,
Civic Centre, Islamabad Pakistan
Ph. # 051-111-267-268, 051-9215741 (43 and 48)
Fax 051-9215761
Email: info@savings.gov.pk