The United Bank Limited (UBL) and Bank Albilad (BAB), two prominent institutions in Pakistan and Saudi Arabia, last week signed an agreement for Electronic Home Remittance Facility in Karachi, a press release said. Home remittances to Pakistan have grown tremendously during the last few years. Under the agreement, UBL is offering its Home Remittance Disbursement Facility to BAB, which will enable it to remit home remittance transactions electronically for direct and speedy transfer of funds to the ultimate beneficiary's account in UBL as well as quick doorstep delivery of instruments to beneficiaries. This will also facilitate business expansion for both banks and enhance their capacity to better service their customers, the press release said. __
