Habib Overseas Bank refutes any ties with Pakistani banks
In response to recent news reports claiming that Pakistan-based
Habib Overseas Bank Ltd is facing winding-up proceedings by the South African
Reserve Bank (SRB), the bank has come forward to clarify that it has no ties to
any Pakistani bank and operates independently.
The Prudential Authority (PA) of the SA Reserve Bank initiated
court proceedings for the liquidation of Habib Overseas Bank, which had been
placed under curatorship in March.
Habib Overseas Bank was licensed as a bank in 1990 and is wholly
owned by Finance Société Anonyme (Pitcairns), a Luxembourg-based company. The
holding company was established solely to hold the equity interest in Habib
Overseas Bank and is not involved in any other business activities. Individual
members of the Dawood-Habib family, who are Pakistani nationals, own Pitcairns.
Notably, the disagreements within the Habib family led to the
establishment of two separate banking operations in South Africa owned by the
family - Habib Overseas Bank Limited and Habib Bank AG Bank Zurich (HBZ). Habib
Overseas Bank operates independently from any Pakistani bank and has no
affiliation with them.
In November 2022, Habib Bank AG Zurich, an international bank
with branches and subsidiaries in various countries, explicitly stated that it
has no legal or beneficial affiliation, direct or indirect, nor any shared
ownership in Habib Bank Limited or Habib Overseas Bank Limited.
Founded in Switzerland on August 25, 1967, by the Habib family,
renowned for their longstanding presence in the banking industry since 1921,
Habib Bank AG Zurich operates as a distinct entity with no branch or subsidiary
in the United States of America.
In South Africa, HBZ Bank Limited operates as a subsidiary of
Habib Bank AG Zurich, Switzerland, and is separate from Habib Overseas Bank.
On the other hand, HBL bank traces its origins back to 1941 when
it was established by the Habib Group of companies in Bombay. Although the bank
later moved its head office to Karachi before the partition of India into the
separate state of Pakistan in 1947, it is not associated with Habib Overseas
Bank, which operates autonomously and has no connection to Pakistan.
It is of utmost importance to refrain from associating Habib
Overseas Bank with any Pakistani bank, as it is an independent international
entity, operating separately from the mentioned banking institutions. The bank
seeks to dispel any misconceptions and emphasizes its autonomy in the face of
ongoing winding-up proceedings.
Source: https://mettisglobal.news/