National Bank of Pakistan (NBP) continues to wind up its foreign operations and has shut down its branches, subsidiaries, and representative offices in six different countries.
According to Annual Report 2022, the bank has closed its operations in South Asian and Central Asian countries, and Canada.
The closed branches include:
- Bangladesh (Sylhet)
- Afghanistan (Jalalabad)
- Uzbekistan (Tashkent)
- Turkmenistan (Ashgabat)
- Canada (Toronto)
- Tajikistan (Dushanbe)
Besides, the public sector bank is working to complete the regulatory requirements to further shut down four additional branches. The branches that will be closed down include:
- Kazakhstan (Almaty
- Kyrgyzstan (Bishkek)
- Azerbaijan (Baku)
- France (Paris)
The closure of these branches will reduce the foreign footprint of the bank and will reduce its liabilities and burden going forward.
The board of directors of NBP decided to consolidate its operation of international franchises particularly its branches, subsidiaries, and offices making continuous losses in the past few years.
Besides the National Bank of Pakistan, major banks including Habib Bank Limited, United Bank Limited, and MCB Bank had closed down their foreign branches mainly to contain the losses.
Instead, these banks are maintaining their presence in the essential markets through partnership and digital means.
NBP the worst bank of all