KARACHI: AL Habib Exchange Company (Private) Limited officially commenced operations across ten branches in 4 cities of Pakistan including Karachi, Lahore, Islamabad, and Peshawar, a statement said.
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 Rs1 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 SBP'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 SBP 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.
This occasion marks the beginning of a new era in foreign exchange services, as AL Habib Exchange endeavors to set new standards of excellence and reliability in the industry.