SBP grants operational license to ABL Exchange Company

MG News | March 22, 2024 at 11:52 AM GMT+05:00

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March 22, 2024 (MLN): The State Bank of Pakistan (SBP) has issued the license for the commencement of operations to ABL Exchange (Private) Limited, a fully-owned subsidiary of Allied Bank Limited (PSX: ABL), the bank’s filing on the local bourse revealed today.

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.

As a result of the aforementioned action, the Board of Directors of ABL approved the establishment of an Exchange Company on September 27, 2023, with an initial paid-up capital of up to Rs1 billion.

Following this, the central bank issued the no-objection certificate to ABL on October 27, 2023.

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