Bank of Khyber Shareholders Elect Directors, Approve New Subsidiary in Peshawar

Peshawar, The Bank of Khyber held an Extraordinary General Meeting on May 31, 2024, where shareholders elected three new directors and approved the establishment of a new subsidiary, According to information available from the Pakistan Stock Exchange (PSX).

During the meeting, shareholders confirmed the minutes of the 33rd Annual General Meeting held on March 29, 2024. They also elected Mr. Asad Ali Shah, Mr. Tahir Jawaid, and Mr. Muhammed Shahid Sadiq as directors for a three-year term starting June 1, 2024, pending approval from the State Bank of Pakistan.

In a significant development, the shareholders approved the establishment of BOK Currency Exchange (Pvt) Limited, a wholly-owned subsidiary. The new company will be incorporated in accordance with the Companies Act 2017, with a paid-up capital of PKR 500 million and authorized capital of PKR 1 billion. The Managing Director, CFO Mr. Irfan Saleem Awan, and the Company Secretary Ms. Sara Shah are authorized to oversee the incorporation process, engage with the Securities and Exchange Commission of Pakistan and the State Bank of Pakistan, and ensure compliance with all regulatory requirements.