Karachi:Unilever launched a direct debit receivables solution structured by Citibank N.A., Pakistan. The cash management solution enables Unilever to initiate fund collection from Pakistan’s four largest banks-UBL, Habib Metropolitan, Meezan Bank and Allied Bank Limited- using Citi’s award winning electronic banking platform, CitiDirect.
The Launch ceremony was held at Citi Pakistan’s new head office at the Harbor Front Building. Nadeem Lodhi – CCO & MD Citibank N.A., Pakistan along with Ali Tariq – CFO Unilever Pakistan were present at the ceremony which was also attended by all stakeholders from Unilever, Citi as well the representatives of the banking partners of the Bank.
Unilever Pakistan, the fastest growing consumer products business in Pakistan with a brand presence that pre-dates the country’s independence, employs 2,000 people and has four wholly owned manufacturing facilities on the ground. The company enjoys market leadership position in FMCG markets such as: Home and Personal Care, Foods, Ice Cream and Beverages.
The Direct Debit collection is a tailor-made comprehensive solution that will automate and streamline a core part of Unilever Pakistan’s business with its extensive network of vendors across Pakistan covering rural as well as urban areas.
"Pakistan's volatile business environment poses a challenge for us to carry out undisrupted cash collection. This system will bring in tremendous flexibility for all stakeholders by leveraging Citi's technology and our partner banks' nationwide footprint. It’s due to the excellent service and creative thinking like this initiative which makes the relationship with Citi very valuable for Unilever." said Ali Tariq, CFO of Unilever Pakistan.
“We are proud of our partnership with Unilever Pakistan and are committed to delivering our clients with world class solutions and services that will enhance their operational efficiency in line with their growth strategy,” commented Nadeem Lodhi.
Citi has been operating in Pakistan since 1961. Over the years, the bank has contributed significantly to the financial services sector by delivering innovative and best-in-class products and services. It has an established global relationship with Unilever as well as a strong ongoing commitment to Unilever Pakistan.
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