Karachi: Standard Chartered Bank Pakistan has been awarded the cash management mandate for Hoechst Pakistan, positioning the bank as the sole collections bank for the pharmaceutical company. The agreement, formalized through a Memorandum of Understanding (MoU) signed at Standard Chartered’s Pakistan head office, aims to enhance Hoechst’s operational efficiency through digital transaction solutions.

According to Standard Chartered Bank, the MoU was signed by Arslan Nayeem, Head Client Coverage, CIB Pakistan, and Sajjad Iftikhar, Chief Executive Officer, Hoechst Pakistan. The agreement allows Hoechst’s distributors and customers to conduct transactions digitally with nearly 30 banks, unifying operating accounts and simplifying the reconciliation of collections across multiple product lines. Senior officials from both organizations attended the signing ceremony, where the partnership was highlighted as a move toward boosting operational efficiency in the pharmaceutical industry.