SBP grants exchange company license to BOP Exchange (Pvt) Limited

MG News | September 19, 2024 at 12:30 PM GMT+05:00

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September 19, 2024 (MLN): The State Bank of Pakistan (SBP) has issued an exchange company license to "BOP Exchange (Private) Limited," a wholly owned subsidiary of The Bank of Punjab (PSX: BOP).

The issuance of the license by the SBP follows the prior issuance of the Certificate of Incorporation to the exchange company by the Securities and Exchange Commission of Pakistan (SECP) on April 22, 2024.

To recall on October 28, 2023, the Board of Directors of BOP approved the establishment of an Exchange Company with an initial paid-up capital of up to Rs2.5 billion.

This development came 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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