After 47 years, the Paris branch of the National Bank of Pakistan (NBP) is probably going out of business.NBP has a small number of Pakistani accounts at its Paris branch, which has been in operation since 1975.
According to a source, NBP Paris informed the Pakistani embassy in Paris that the branch will be closing soon due to financial losses.The Procurement Wing of the mission has accounts in this branch, so the Ministry of Foreign Affairs has asked the Ministry of Defence Production to respond with information regarding the closure of accounts.
According to sources, the mission’s accounts have lately been transferred to a local French bank. NBP Paris also reportedly manages a small number of accounts for Pakistanis who reside in France and the defence procurement wing.
Due to the sensitive nature of their accounts, NBP previously urged the mission’s defence procurement wing to move their accounts to NBP Frankfurt rather than a local French bank.
The mission believes that, despite some teething issues and delays at first, the system will work smoothly over time; however, they have requested permission from the parent department for any additional necessary action.
According to sources, NBP Paris does not provide any contemporary banking services and is not even used to transfer money to Pakistan.
