Standard Chartered Bank Pakistan and Hoechst Pakistan signed a Memorandum of Understanding (MoU) at the SC Pakistan Head Office. Through this agreement Standard Chartered was awarded Hoechst Pakistan’s cash management mandate.
This mandate has positioned Standard Chartered as the sole collections bank for Hoechst Pakistan. It enables the Bank to deliver channel agnostic solutions by providing Hoechst’s distributors and customers the ability to transact digitally 24/7 with nearly 30 banks. The agreement will enable Hoechst to improve their operational and cost efficiencies, unify its operating account, match receipts with invoices and reconcile collections across multiple several product lines with ease and control, without the need for multiple physical accounts.
The agreement was signed by Arslan Nayeem, Head Client Coverage, CIB Pakistan, Standard Chartered and Sajjad Iftikhar, Chief Executive Officer, Hoechst Pakistan. The signing was attended by Motasim Iqbal, Regional Head Transaction Banking Sales, MEPA, Standard Chartered, Yasser Pir Muhammad, Chief Financial Officer, Hoechst Pakistan, and other senior members from both organisations.
Commenting on the agreement, Arslan Nayeem, stated, ‘We are pleased to take on this significant cash management mandate in the pharmaceuticals sector. This partnership underscores our commitment to delivering innovative and efficient digital financial solutions tailored to the unique needs of our clients. Standard Chartered is focused on providing seamless support to drive operational efficiency so that our clients can deliver on their core business with ease. We look forward to building on this success and contributing to the growth of the pharmaceutical industry in Pakistan.’
Commenting on the agreement, Sajjad Iftikhar stated, ‘Standard Chartered is one of our key banking partners for the last couple of decades and has exceptionally supported us during our transition phase. We believe that the implementation of cash management services offered by Standard Chartered, will bring efficiency in optimizing our financial liquidity requirements. This change of modus operandi will not only strengthen our relationship with our distributors but will also provide significant improvement in the decision-making process.’