Faysal Bank to establish wholly-owned exchange company
Faysal Bank Limited has announced its intention to create a
wholly-owned subsidiary dedicated to providing foreign exchange services.
In a statement released to the Pakistan Stock Exchange
(PSX), the bank revealed that its board of directors has given the green light
to establish this exchange company, with an initial paid-up capital of Rs1
billion.
MCB
Bank Ltd. to establish exchange company
It's worth noting that the exchange company's formation is
contingent upon approval and clearance from the State Bank of Pakistan (SBP),
the Securities and Exchange Commission of Pakistan (SECP), and adherence to all
other regulatory requirements, as outlined in the notice.
Faysal Bank is the latest in a series of banks to unveil
plans for setting up exchange companies as subsidiaries, following the
footsteps of Bank Al Habib Limited, MCB Bank Limited, Meezan Bank Limited, and
United Bank Limited (UBL.KA).
Meezan
Bank to establish exchange company with Rs. 1 billion capital
This decision comes in the wake of the SBP's recent move to
implement structural reforms within the exchange company sector, aimed at
bolstering oversight in light of the substantial depreciation of the rupee in
the open market.
Source: The News