The Bank of Punjab (BOP) has decided to join the ranks of other prominent banks in the country by establishing its wholly-owned exchange company with an authorized capital of Rs2.50 billion.
In a stock filing at the Pakistan Stock Exchange (PSX) on Monday, the Bank of Punjab said that its board, in their meeting held on October 28, 2023, has approved the establishment of an exchange company in the view of current market potential, future expansion, and recently introduced structural reforms by the State Bank of Pakistan (SBP) in the exchange companies sector.
However, establishing the exchange company is contingent upon approval from the State Bank of Pakistan (SBP) and full compliance with pertinent laws and regulations.
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Earlier, major banks including United Bank Limited (UBL), Meezan Bank, MCB Bank Limited (MCB), Bank AL Habib (BAHL), Allied Bank Limited (ABL), Faysal Bank Limited (FABL), Bank Alfalah (BAFL), Habib Metropolitan Bank and Askari Bank Limited announced to established their own forex companies.
The SBP has recently issued no-objection certificate (NOC) to ABL and MCB for establishing their exchange companies. Allied Bank’s exchange company will be named ABL Exchange Company (Private) Limited and MCB’s as MCB Exchange Company (Private) Limited.
Notably, Habib Bank Limited (HBL) and the National Bank of Pakistan (NPB) had ventured into exchange companies before the implementation of these new SBP regulatory measures.
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