Bank of Punjab approves expansion plan for Bahrain, UAE

The Board of Directors of the Bank of Punjab has approved the business plan to establish a Wholesale Banking Unit in the Kingdom of Bahrain and a representative office in the United Arab Emirates (UAE).

BOP informed the Pakistan Stock Exchange (PSX) about this development through a notice on Thursday in accordance with Section 131 of the Securities Act, 2015 and Clause 5.6.1 of the Rule Book issued by the Pakistan Stock Exchange. 

However, this is subject to approval from the State Bank of Pakistan (SBP) and other regulators.

Following approval from the SBP, the BOP will approach other regulatory authorities to establish a Wholesale Banking Branch in Bahrain and a representative office in UAE.

Further progress in this regard will be shared in due course of time, read the notice.