SBP grants approval to HMB for exchange company
MG News | October 30, 2023 at 11:01 AM GMT+05:00
October 30, 2023 (MLN): The State Bank of Pakistan (SBP) issued the no-objection certificate to Habib Metropolitan Bank Limited (PSX: HMB) on Monday for establishing an exchange company in the name of Habib Metro Exchange Services Limited.
On October 10, 2023, the Board of Directors of HMB approved the establishment of an Exchange Company with an initial paid-up capital of up to Rs1 billion.
The exchange company would be a wholly owned subsidiary of the bank.
This development comes after the SBP introduced reforms for the banks engaged in foreign exchange business to establish wholly owned Exchange Companies (ECs) to cater to the legitimate foreign exchange needs of the general public.
This action taken by the central bank comes in response to various regulatory issues that have been observed in the operations of ECs.
With this initiative, the SBP aims to consolidate and transform various types of ECs into a single category with a well-defined mandate.
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