ABL reported that Allied Bank Limited’s (ABL) Board of Directors has approved the establishment of an exchange company with a Rs. 1 billion initial paid-up capital through a circular decision in a notice to the Pakistan Stock Exchange (PSX).
The State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan, and the fulfilment of other regulatory compliance requirements must all give their consent or clearance before the firm can be established. The Exchange Company will be an entirely owned subsidiary of ABL, according to the notification.
The central bank announced many structural adjustments in the area of exchange companies earlier this month. In order to meet the legal foreign exchange demands of the general public, leading banks that are already involved in the foreign exchange market will establish wholly owned exchange companies.
Bank Al Habib, MCB Bank, and Meezan Bank have all declared the creation of exchange companies since the central bank’s announcement.
