Corporate Alert: HBL reaches a settlement New York State Department

News Image

MG News | September 08, 2017 at 10:09 AM GMT+05:00

In a notice issued to relevant stakeholders, via PSX, Habib Bank Ltd. has announced that it has reached a settlement with New York State Department of Financial Services through a consent order under New York Banking Law.

Under the settlement, the charge mentioned in earlier notices has been revised. However, HBL still has to pay a hefty penalty under the new settlement. The amount has been brought down to US $225 Million.

In addition to the penalty, HBL has decided to close its banking operations in New York and shut down its branch in US. Formal steps of voluntary closure of HBL New York branch are under way, mentioned the notice.

Habib Bank Ltd. (HBL) suffered steep declines in share prices after the announcement came to surface that Department of Financial Services is investigating 53 counts of offences against it. 

\"\"

Related News

Name Price/Vol %Chg/NChg
KSE100 171,153.17
162.52M
0.16%
268.58
ALLSHR 103,477.03
691.59M
0.17%
179.80
KSE30 50,901.99
58.56M
0.04%
18.99
KMI30 243,765.66
75.35M
0.26%
626.41
KMIALLSHR 67,087.03
368.61M
0.16%
107.81
BKTi 47,614.72
15.03M
-0.06%
-27.39
OGTi 34,853.92
4.57M
-0.80%
-282.58
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 86,130.00 86,455.00
80,410.00
4800.00
5.90%
BRENT CRUDE 100.45 104.90
98.98
-3.42
-3.29%
RICHARDS BAY COAL MONTHLY 130.00 0.00
0.00
6.10
4.92%
ROTTERDAM COAL MONTHLY 138.50 0.00
0.00
1.45
1.06%
USD RBD PALM OLEIN 1,228.00 1,228.00
1,228.00
0.00
0.00%
CRUDE OIL - WTI 92.50 97.22
91.19
-3.58
-3.73%
SUGAR #11 WORLD 18.38 18.60
18.15
0.14
0.77%

Chart of the Day


Latest News
September 21, 2026 at 04:52 PM GMT+05:00

Auto assemblers accelerate profit growth in FY26


September 21, 2026 at 04:25 PM GMT+05:00

Pakistan set to receive second Qatari LNG cargo in September


September 21, 2026 at 04:03 PM GMT+05:00

PSX Closing Bell: A Mild Upswing


September 21, 2026 at 03:53 PM GMT+05:00

Bitcoin closes in on $85,000 as bears get forced out



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg