In a notice to shareholders published by the Pakistan Stock Exchange (PSX) on May 6, 2025, Bank AL Habib Ltd (BAHL) said it had secured final approvals from both the State Bank of Pakistan and the Central Bank of Kenya to close its representative office in Nairobi by May 15, 2025. The bank must now surrender the licence and settle outstanding compliance items, a step BAHL described as “consistent with the Group’s international restructuring strategy” and one that will have “no material impact” on its balance‑sheet strength.
BAHL traces its lineage to the Dawood Habib Group, co‑founders of the pre‑nationalisation Habib Bank in 1941. When Pakistan reopened banking to the private sector in 1991, the group incorporated Bank AL Habib as a public company; operations began in January 1992 with six branches and Rs 300 million in equity. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
