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Askari Bank Limited (PSX: AKBL) plans to create an Exchange Company with an authorized capital of Rs. 1 billion, according to a statement the bank provided to the Pakistan Stock Exchange on Friday.
The establishment of this company is contingent on approval from the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), and the fulfillment of other regulatory requirements, as stated in the notice.
Read more :Â SBP Suspends 5 Exchange Firms For Rule Breaches
Additionally, it was noted in the announcement that this Exchange Company will be wholly owned by AKBL.
Following 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 made similar announcements regarding the creation of Exchange Companies.
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