SECP grants certificate of incorporation to MEBL's exchange company

MG News | November 15, 2023 at 11:29 AM GMT+05:00

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November 15, 2023 (MLN): The Securities & Exchange Commission of Pakistan (SECP) has issued the Certificate of Incorporation to Meezan Exchange Company (Private) Limited, a fully-owned subsidiary of Meezan Bank Limited (PSX: MEBL), the bank’s filing on the local bourse revealed today.

This authorization follows the issuance of a No Objection Certificate (NOC) by the State Bank of Pakistan (SBP) to MEBL for the establishment of its exchange company.

As the next step in the process, the application will now be submitted to the State Bank of Pakistan (SBP) for issuance of the license to commence operations, as per the SBP Exchange Companies Manual.

It is important to mention that this development comes after the central bank authorized all leading banks actively engaged in foreign exchange business to establish wholly owned ECs to cater to the legitimate foreign exchange needs of the general public.

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