Bank Al Habib Starts Its Currency Exchange Operations

AL Habib Exchange Company (Private) Limited officially commenced operations across ten branches in 4 cities of Pakistan including Karachi, Lahore, Islamabad, and Peshawar. Following Bank AL Habib’s announcement in September last year, the Board of Directors unanimously approved the establishment of an Exchange Company as a wholly-owned subsidiary, with an authorized capital of Rs. 1 billion. With the issuance of licenses from the State Bank of Pakistan and the Certificate of Incorporation from the Securities and Exchange Commission of Pakistan (SECP), AL Habib Exchange received the green light to initiate its operations. AL Habib Exchange is an initiative by Bank AL Habib in line with State Bank of Pakistan’s structural reforms within the Exchange Companies sector and aims to cater to the genuine foreign exchange needs of its customers. The main branch of AL Habib Exchange was inaugurated by the Governor State Bank of Pakistan Jameel Ahmed in the presence of Abbas D Habib Founder Member and Chairman Bank AL Habib, Qumail R. Habib, Executive Director, Bank AL Habib, Mansoor Ali Khan, Chief Executive, Bank AL Habib, Syed Furqan Chief Executive Officer AL Habib Exchange and Senior officials from SBP, Bank AL Habib and AL Habib Exchange.