20000222

American Express

names MCB to handle

L/Cs worldwide

RECORDER REPORT

KARACHI: The American Express Banking Corporation in Pakistan has designated the Muslim Commercial Bank Ltd to advise and negotiate Letters of Credit issued by its worldwide network of branches and correspondents relating to export from Pakistan.

This was announced by Shafiq A Khan, Head of Financial Institutions Group and International Division here on Monday.

The MCB, besides dealing AMEX's worldwide branches, will also act on behalf of AMEX correspondents who have been advising L/Cs in Pakistan so far.

Shafiq stated that the new arrangement reflected the confidence the International Banking Group have on the expertise in MCB in handling foreign trade operations.

MCB branches in Lahore and Karachi will handle LCs business which will involve 6,000 LCs per annum. This, in turn, will enhance the foreign exchange inflow volume of MCB by about 300 million dollars per annum and will go a long way towards increasing the exports of the country.

It will also give a big boost to its relationship with the important business customers, Khan added.