HBL replies to Bloomberg story

February 17, 2020 (MLN): Habib Bank Limited has responded to Bloomberg story published yesterday about irregularities found at Pakistan's top Bank (HBL) after US sanction.

The media house revealed in its article that the Middle East operation of HBL displayed “significant irregularities” in dealings with politically exposed clients and screening some transactions, according to an inspection by the South Asian nation’s central bank that took place more than a year after the lender was shut out of the U.S. financial system.

In a written reply to Bloomberg, the bank stated that in 2017 few weaknesses were identified at HBL UAE which contravened our processes and standards. This should never have happened.

Over the last two years, we initiated a business transformation program which is now largely complete. A new senior leadership team is in place.

We have transformed our control and compliance process to ensure that they are in line with international standards.

All staff have undertaken additional training as a reminder of our robust compliance and control processes and their responsibilities.

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