AIRLINK 74.64 Decreased By ▼ -0.21 (-0.28%)
BOP 5.01 Increased By ▲ 0.03 (0.6%)
CNERGY 4.51 Increased By ▲ 0.02 (0.45%)
DFML 42.44 Increased By ▲ 2.44 (6.1%)
DGKC 87.02 Increased By ▲ 0.67 (0.78%)
FCCL 21.58 Increased By ▲ 0.22 (1.03%)
FFBL 33.54 Decreased By ▼ -0.31 (-0.92%)
FFL 9.66 Decreased By ▼ -0.06 (-0.62%)
GGL 10.43 Decreased By ▼ -0.02 (-0.19%)
HBL 114.29 Increased By ▲ 1.55 (1.37%)
HUBC 139.94 Increased By ▲ 2.50 (1.82%)
HUMNL 12.25 Increased By ▲ 0.83 (7.27%)
KEL 5.21 Decreased By ▼ -0.07 (-1.33%)
KOSM 4.50 Decreased By ▼ -0.13 (-2.81%)
MLCF 38.09 Increased By ▲ 0.29 (0.77%)
OGDC 139.16 Decreased By ▼ -0.34 (-0.24%)
PAEL 25.87 Increased By ▲ 0.26 (1.02%)
PIAA 22.20 Increased By ▲ 1.52 (7.35%)
PIBTL 6.80 No Change ▼ 0.00 (0%)
PPL 123.58 Increased By ▲ 1.38 (1.13%)
PRL 26.81 Increased By ▲ 0.23 (0.87%)
PTC 14.01 Decreased By ▼ -0.04 (-0.28%)
SEARL 58.53 Decreased By ▼ -0.45 (-0.76%)
SNGP 68.01 Decreased By ▼ -0.94 (-1.36%)
SSGC 10.47 Increased By ▲ 0.17 (1.65%)
TELE 8.39 Increased By ▲ 0.01 (0.12%)
TPLP 11.05 Decreased By ▼ -0.01 (-0.09%)
TRG 63.21 Decreased By ▼ -0.98 (-1.53%)
UNITY 26.59 Increased By ▲ 0.04 (0.15%)
WTL 1.42 Decreased By ▼ -0.03 (-2.07%)
BR100 7,941 Increased By 103.5 (1.32%)
BR30 25,648 Increased By 196 (0.77%)
KSE100 75,983 Increased By 868.6 (1.16%)
KSE30 24,445 Increased By 330.8 (1.37%)

The State Bank of Pakistan (SBP) has given its green signal to Bank AL Habib Limited (BAHL) and Allied Bank Limited (ABL) to commence operations of their wholly-owned Exchange Companies (ECs).

In a notice to the Pakistan Stock Exchange (PSX) on Friday, BAHL stated: “This refers to our previous announcement at PSX on September 22, 2023, regarding the Board’s approval to establish an EC as a wholly owned (100%) subsidiary of the bank with an authorized share capital of Rs1,000 million.”

“Alhamdolillah, we are pleased to inform you that subsequent to the issuance of Certificate of Incorporation from the Securities and Exchange Commission of Pakistan (SECP), the State Bank of Pakistan (SBP) has issued a license for Commencement of Operations to ‘AL Habib Exchange Company (Private) Limited’,” read the notice.

Last year in September, the Board of Directors of BAHL announced it will establish an EC as a wholly-owned subsidiary.

Meanwhile, a similar notice was issued by ABL to the PSX.

“SBP has issued ‘License for Commencement of Operations’ to M/s. ABL Exchange (Private) Limited,” read the notice.

The development comes following SBP’s decision to introduce ‘structural reforms’ in the EC sector in its bid to strengthen controls amid the massive fall in rupee’s value in the open market last year.

“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,” the central bank said back then.

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.

NOC for establishment of an EC

Moreover, in a separate statement, Bank of Punjab (BoP) also received a ‘No Objection’ from the central bank to establish an EC.

“State Bank of Pakistan has conveyed its ‘No Objection’ to The Bank of Punjab for establishing an exchange company in the name of ‘BoP Exchange Company (Pvt) Limited’,” added the statement.

Comments

200 characters
Chawla.i Mar 22, 2024 11:31pm
Stop minting money in treasurey bils support economy....big bulls need to do something gd fr d country
thumb_up Recommended (0) reply Reply
Maha Shahzad Mar 24, 2024 12:49am
Assalamualaikum. I need a job in bank Al Habib. I have completed my graduation with BCOM commerce any vacancy available for me.i am waiting for my interview..
thumb_up Recommended (0) reply Reply