Habib Metropolitan Bank Limited (PSX: HMB) is set to establish an Exchange Company with an authorized capital of Rs. 1 billion, the bank informed the Pakistan Stock Exchange on Tuesday.

The bank said that its Board of Directors approved the establishment of an Exchange Company through a circular resolution dated October 9.

The setting up of the company is subject to approval/clearance of the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), and completion of other regulatory compliance requirements, the notice added.

The notice also highlighted that the Exchange Company will be a wholly-owned subsidiary of HMB.

Since the central bank’s announcement for banks to set up wholly-owned foreign exchange entities, United Bank Limited, Bank Al Habib, MCB Bank, Allied Bank, Meezan Bank, Bank Alfalah, and Faysal Bank have all announced the establishment of Exchange Companies.

Source: Pro Pakistani