Bank Al Habib’s Seychelles branch license revoked

Bank Al Habib’s Seychelles branch license revoked

KARACHI: Bank Al Habib Limited on Friday said that on its request the Central Bank of Seychelles (CBS) revoked the license of its Seychelles branch operation.

In a communication sent to the Pakistan Stock Exchange (PSX), the bank said that to further earlier disclosure made on September 14, 2021, in respect of in-principle approval from State Bank of Pakistan (SBP) in addition to the approval from Central Bank of Seychelles (CBS) for the closure of Bank Al Habib Limited, Seychelles branch operations.

Now, the Central Bank of Seychelles has informed the bank that it had revoked the banking license of the Seychelles Branch Operations after completion of all the compliance requirements by the bank.

“This decision is in line with the bank’s strategy, and it will not have any material impact on the overall operating and financial position of the bank,” it added.

The disclosure material information is in accordance with Section 96 and 131 of Securities Act, 2015 and clause 5.6.1 (a) of the Rule Book of the Pakistan Stock Exchange (PSX).

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