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The Board of Directors of Bank AL Habib Limited, one of the largest commercial banks in the country, announced it will establish an Exchange Company (EC) as a wholly-owned subsidiary.

The development was shared by the bank in its notice to the Pakistan Stock Exchange (PSX) on Friday.

“The Board of Directors of Bank AL Habib Limited through circular resolution dated September 19, 2023 has approved the establishment of an Exchange Company with an authorized share capital of Rs1,000 million (Rs1 billion),” read the notice.

BAHL shared that the development is subject to approval and clearance by the State Bank of Pakistan (SBP) and completion of other regulatory compliance requirements.

“This EC would be a 100% owned subsidiary of the bank,” it added.

The development comes after MCB Bank Limited announced that it will establish an EC as a wholly-owned subsidiary. Meezan Bank Limited, United Bank Limited (UBL) also announced they would establish an EC as a wholly-owned subsidiary.

Earlier this month, the SBP, in its bid to strengthen controls amid the massive fall in rupee’s value in the open market, decided to introduce ‘structural reforms’ in the EC sector.

“As part of these reforms, leading banks actively engaged in foreign exchange business will establish wholly-owned Exchange Companies (EC) to cater to the legitimate foreign exchange needs of general public,” said the SBP in a statement.

Further, the SBP also raised the minimum capital requirement for EC from Rs200 million to Rs500 million, raising the barrier to entry for the private sector.

As per BAHL's latest financial results, the bank achieved substantial growth in core earnings, resulting in a 69% year-on-year increase in Profit Before Tax (PBT) for the half-year ending on June 30, 2023, which hit Rs31.14 billion.

Profit After Tax (PAT) posted a growth of 90% to clock in at Rs18.2 billion; translating into Earning Per Share (EPS) of Rs16.39 compared to EPS of Rs8.63 reported in the corresponding period of the previous year.


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Abdul haseeb Sep 23, 2023 03:51am
Respected concern, what about jobs / staff hiring for exchange company
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shaheryar Sep 23, 2023 08:38am
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Zia ur rehman Sep 23, 2023 09:53am
Asslam o aliakum sir please my account opening in first time open I am TPL security guard but I go bank Al habib account is not accept but why brach azam basti so please open but me I'd card oregnal in share fasyal road so please
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Mirza harris Sep 23, 2023 10:43am
@Zia ur rehman , please visit the branch with.your cnic, utility bill copy.and most. recent payslip. regards
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Muhammad Ashraf Sep 23, 2023 05:36pm
Respected concerñ: what about jobs,training staff for
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Muhammad Ashraf Sep 23, 2023 05:38pm
Respected concerñ: what about jobs, training staff for Exchange Company?
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E Sep 23, 2023 07:14pm
@Zia ur rehman , only cnic open account
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Zaka Sep 24, 2023 01:47pm
Every bank now trying to control the exchange rates but in Pakistan 80% of economy is working informal !!! I don't know why the business mindset people trying to capture the things by informal ways.
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Azhar Iqbal Oct 16, 2023 12:41pm
Dear Team What is process for Staff hiring for exchange company .
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Azhar Iqbal Oct 16, 2023 12:47pm
Any info/ portal for staff hiring/ jobs etc.
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