SBP Allows HBL to Set Up Agri Subsidiary

Habib Bank Limited (PSX: HBL) has been granted approval by the State Bank of Pakistan (SBP) for the incorporation of ‘HBL Zarai Services Limited’, the bank informed the Pakistan Stock Exchange on Friday. HBL Zarai  Services Limited will be a wholly-owned subsidiary of the Bank, subject to compliance with all applicable laws/regulations, the filing stated. Notably, HBL plans to incorporate the entity to promote the agriculture sector of Pakistan. Habib Bank Limited is incorporated in Pakistan and is engaged in commercial banking-related services in Pakistan and overseas. The Aga Khan Fund for Economic Development (AKFED), S.A. is the parent company of the Bank and its registered office is in Geneva, Switzerland.