SCB secures cash management mandate for Hoechst Pakistan

KARACHI: Standard Chartered Bank Pakistan has been awarded Hoechst Pakistan’s cash management mandate through the signing of a memorandum of understanding (MoU) at the bank’s head office. This agreement positions SCB as the exclusive collections bank for Hoechst Pakistan, enabling digital transactions 24/7 with nearly 30 banks.

The partnership allows Hoechst Pakistan to streamline its cash management processes, enhancing operational and cost efficiencies. By consolidating its operating accounts, Hoechst will now be able to match receipts with invoices, reconcile collections across multiple product lines and manage its financial operations with greater ease and control -- without the need for multiple physical accounts.

The MoU was signed by Head of Client Coverage, Corporate, Institutional, and Commercial Banking (CIB) Pakistan at Standard Chartered Arslan Nayeem and Chief Executive Officer of Hoechst Pakistan Sajjad Iftikhar. The event was attended by senior representatives from both organizations, including Regional Head of Transaction Banking Sales (MEPA) at Standard Chartered Motasim Iqbal and Chief Financial Officer of Hoechst Pakistan Yasser Pir Muhammad. Speaking at the event, Arslan said, “We are delighted to take on this important cash management mandate in the pharmaceutical sector.