Bank AL Habib launches currency exchange subsidiary

The initiative is intended to meet the currency exchange needs of the public efficiently

Bank AL Habib Limited (BAHL) has officially started operations of its fully owned subsidiary, Al Habib Exchange Company (Private) Limited today.

The launch was announced through a notice to the Pakistan Stock Exchange (PSX).

The establishment of Al Habib Exchange Company marks a significant milestone for Bank AL Habib, following the receipt of the necessary operational licence from the State Bank of Pakistan (SBP).

The approval for this new venture was initially confirmed on September 22, 2023, after the bank’s board sanctioned the creation of an Exchange Company with a declared share capital of Rs1 billion.

This strategic move aligns with the recent regulatory reforms by the SBP, aimed at enhancing the structure of the foreign exchange market.

The reforms encourage banks involved in foreign exchange activities to set up wholly owned Exchange Companies.

This initiative is intended to meet the currency exchange needs of the public efficiently while addressing regulatory concerns observed in the operations of existing Exchange Companies.

 

 

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