Federal Reserve terminates enforcement actions against NBP

KARACHI: The Federal Reserve Board, US has announced the termination of the enforcement actions against the National Bank of Pakistan (NBP), a bourse filing said on Friday.

The NBP, in a notice sent to the Pakistan Stock Exchange (PSX) said that the Federal Reserve Board cancelled the two significant enforcement measures it had previously enforced. These include the February 22, 2022 cease and desist order against the NBP’s headquarters in Karachi and its branch in New York, which was formally revoked on December 2, 2024. Furthermore, the written agreement dated March 14, 2016, regarding the NBP’s Karachi operations and its New York branch, came to an end on December 17, 2024.