The Bank of Khyber (PSX: BOK) has unveiled its strategic move towards establishing an Exchange Company, a decision conveyed through an official notification to the Pakistan Stock Exchange on a Friday.
According to the stock filing, “The Board of Directors of the Bank of Khyber, in their meeting convened on Friday, November 3, 2023, at 02:30 p.m., has granted approval for the establishment of an Exchange Company with an authorized share capital of PKR 1,000 million. This is subject to approval and clearance from the State Bank of Pakistan (SBP) and the completion of other regulatory compliance prerequisites.”
Also read this: https://news.cxoforum.global/bank-of-punjab-establishes-exchange-company
This announcement comes in response to the central bank’s directive urging financial institutions to establish wholly-owned foreign exchange entities. Notably, a slew of prominent banks, including United Bank Limited, Bank Al Habib, MCB Bank, Allied Bank, Meezan Bank, Bank Alfalah, Habib Metropolitan Bank Limited, Faysal Bank, Askari Bank, and Bank of Punjab, have already revealed their intentions to establish Exchange Companies.
Also read more: https://news.cxoforum.global/easypaisa-and-bank-of-khyber-collaborate-for-kpks-insaf-food-program/
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