Askari Bank to establish exchange company
Askari Bank Limited (PSX: AKBL) has announced its plan to
launch an Exchange Company with an authorized capital of Rs. 1 billion. The
bank made this disclosure to the Pakistan Stock Exchange on Friday.
The establishment of this company is contingent on approval
and clearance from the State Bank of Pakistan (SBP), the Securities and
Exchange Commission of Pakistan (SECP), and the fulfillment of other regulatory
compliance prerequisites, as indicated in the notice.
Faysal
Bank to establish wholly-owned exchange company
It is worth noting that this Exchange Company will be a
fully-owned subsidiary of AKBL.
In response to the central bank's directive for banks to
establish wholly-owned foreign exchange entities, several other banks,
including United Bank Limited, Bank Al Habib, MCB Bank, Allied Bank, Meezan
Bank, Bank Alfalah, Habib Metropolitan Bank Limited, and Faysal Bank, have also
announced the establishment of their Exchange Companies.
Source: Pro Pakistani