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In June 2002, Union Bank acquired 10 branches of Emirates Bank in Pakistan for $18 million. [2] In 2006, Standard Chartered Bank acquired 81% of Union Bank's shares for US$413 million. Under Pakistani law, it had to delist Union Bank and make an offer for the outstanding shares; the offer raised the total purchase price to about US$511.
PayPak (Urdu: پے پاک) is a domestic payment service available in Pakistan. [1] It was launched in 2016 by 1Link to save inter-change costs of International Payment Schemes. PayPak cards can only be used on ATMs, POS terminals, and online transactions within Pakistan. [2]
A typical British bank statement header (from a fictitious bank), showing the location of the account's IBAN. The International Bank Account Number (IBAN) is an internationally agreed upon system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors.
The picture shows an EasyPaisa debit card powered by UnionPay. The card number and name are usually at the front. Easypaisa is a Pakistani mobile wallet, mobile payments and branchless banking services provider. [2] [3] It was founded in October 2009 by Telenor Pakistan. [4]
[2]: 1-2, 35 [11] After payment has been initiated, it must be settled through a payment system, such as T2 in Europe. [2]: 36 In the context of cross-border transactions, this step often takes place through correspondent banking accounts that financial institutions have with each other. [2]: 35
Western Union is the world's leading handler of remittance and the 170,000 Western Union agents handle about 25 percent of the total global remittance traffic. [10] Other companies such as MoneyGram have also been a key player for decades. Pure play money transfer providers may be owned by parent companies with more diverse interests.
Citi Bank N.A (CitiBank N.A Pakistan) Industrial and Commercial Bank of China Limited (ICBC Pakistan) Bank of China [3] (Bank of China Pakistan Branch) The Hong Kong and Shanghai Bank (HSBC Bank Pakistan) The Bank of Tokyo-Mitsubishi UFJ (MUFG Bank Pakistan) Saudi National Bank (Samba Financial Group|Samba Bank (Pakistan) Limited)
A payment card number, primary account number (PAN), or simply a card number, is the card identifier found on payment cards, such as credit cards and debit cards, as well as stored-value cards, gift cards and other similar cards. In some situations the card number is referred to as a bank card number. The card number is primarily a card ...