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Karachi, In a significant move to diversify its financial services portfolio, the Board of Directors of Bank AL Habib Limited has announced the approval of an Exchange Company’s establishment. The decision, made through a circular resolution on September 19, 2023, paves the way for the creation of a new Exchange Company with an authorized share capital of Rs. 1,000 million (Rs. 1 billion).
This Exchange Company will operate as a 100% owned subsidiary of Bank AL Habib Limited. However, it is important to note that the establishment of this Exchange Company is subject to the necessary approvals and clearances from the State Bank of Pakistan, as well as the fulfillment of other regulatory compliance requirements.
Bank AL Habib’s decision to venture into the Exchange Company business signifies the bank’s commitment to expanding its service offerings and providing customers with a comprehensive suite of financial solutions. This strategic move is expected to enhance the bank’s presence in the financial sector and contribute to its long-term growth and stability.
The bank’s management anticipates that this initiative will bring new opportunities for both Bank AL Habib and its customers, further reinforcing its position as a trusted financial institution in Pakistan. Investors and stakeholders are keen to monitor developments surrounding the establishment of the Exchange Company and its potential impact on the bank’s operations and market presence.
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