With a Rs. 1 billion authorized capital, Askari Bank Limited (PSX: AKBL) plans to create an exchange company, the bank said to the Pakistan Stock Exchange on Friday.
The notification further said that the establishment of the firm is contingent on receiving clearance or permission from the Securities and Exchange Commission of Pakistan (SECP), the State Bank of Pakistan (SBP), and other regulatory compliance criteria.
The announcement also made it clear that AKBL will acquire all of the Exchange Company.
United Bank Limited, Bank Al Habib, MCB Bank, Allied Bank, Meezan Bank, Bank Alfalah, Habib Metropolitan Bank Limited, and Faysal Bank have all declared the formation of exchange companies after the central bank’s declaration requiring banks to establish wholly-owned foreign exchange businesses.
