The Habib Bank Limited (HBL) will complete the voluntary closure of its New York branch on or before March 31, 2020, announced the bank on Monday. The voluntary closure will be completed in coordination with the New York State banking regulators. With the closure of its New York branch, the bank would no longer operate any branch in the United States, HBL said in its notification to the Pakistan Stock Exchange (PSX). “We wish to thank State Bank of Pakistan, New York State Department of Financial regulation and Federal Reserve Bank of New York for their consistent support and cooperation throughout the process of winding up and close New York Branch. HBL remains committed to engaging in progressive banking practices while ensuring all international and local laws and regulations across its networking,” said HBL. Back in 2017, the New York State Department of Financial Services (DFS) fined HBL and its New York branch $225 million for failures to comply with laws and regulations designed to combat illicit money transactions. The DFS also imposed an order outlining conditions for the orderly closure of HBL''s New York branch. These conditions include an investigation of transactions processed by the branch from October 2013 to the end of September 2014, and from April 2015 through the end of July 2017.