Bank Alfalah board approves setting up of EC

KARACHI: The Board of Directors of Bank Alfalah Limited, in its meeting held in Abu Dhabi, UAE on Tuesday approved the establishment of an exchange company in accordance with the framework prescribed by the State Bank of Pakistan with an authorized share capital of Rs 2.0 billion divided into 200 million ordinary shares of Rs 10.00 each, subject to approval/clearance by the State Bank and completion of other regulatory compliance requirements.

The EC would be a wholly-owned subsidiary of the bank and will operate as an exchange company within the framework prescribed by the State Bank of Pakistan, material information sent to Pakistan Stock Exchange on Tuesday said.

Copyright Business Recorder, 2023