AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 131.00 Increased By ▲ 1.47 (1.13%)
BOP 6.94 Increased By ▲ 0.26 (3.89%)
CNERGY 4.62 Decreased By ▼ -0.01 (-0.22%)
DCL 8.92 Decreased By ▼ -0.02 (-0.22%)
DFML 42.94 Increased By ▲ 1.25 (3%)
DGKC 84.26 Increased By ▲ 0.49 (0.58%)
FCCL 32.80 Increased By ▲ 0.03 (0.09%)
FFBL 78.00 Increased By ▲ 2.53 (3.35%)
FFL 12.16 Increased By ▲ 0.69 (6.02%)
HUBC 110.30 Decreased By ▼ -0.25 (-0.23%)
HUMNL 14.42 Decreased By ▼ -0.14 (-0.96%)
KEL 5.66 Increased By ▲ 0.27 (5.01%)
KOSM 8.40 No Change ▼ 0.00 (0%)
MLCF 39.50 Decreased By ▼ -0.29 (-0.73%)
NBP 64.00 Increased By ▲ 3.71 (6.15%)
OGDC 201.49 Increased By ▲ 1.83 (0.92%)
PAEL 26.50 Decreased By ▼ -0.15 (-0.56%)
PIBTL 7.77 Increased By ▲ 0.11 (1.44%)
PPL 161.01 Increased By ▲ 3.09 (1.96%)
PRL 26.60 Decreased By ▼ -0.13 (-0.49%)
PTC 18.59 Increased By ▲ 0.13 (0.7%)
SEARL 82.81 Increased By ▲ 0.37 (0.45%)
TELE 8.24 Decreased By ▼ -0.07 (-0.84%)
TOMCL 34.37 Decreased By ▼ -0.14 (-0.41%)
TPLP 9.01 Decreased By ▼ -0.05 (-0.55%)
TREET 16.96 Decreased By ▼ -0.51 (-2.92%)
TRG 60.29 Decreased By ▼ -1.03 (-1.68%)
UNITY 27.61 Increased By ▲ 0.18 (0.66%)
WTL 1.40 Increased By ▲ 0.02 (1.45%)
BR100 10,722 Increased By 314.8 (3.03%)
BR30 32,041 Increased By 327.6 (1.03%)
KSE100 99,603 Increased By 2274.1 (2.34%)
KSE30 31,082 Increased By 889.9 (2.95%)

The Board of Directors of Bank of Khyber (BoK) announced on Friday that it will establish an Exchange Company (EC) as a wholly-owned subsidiary, becoming the 10th banking entity to make such an announcement to date.

The development was shared by the bank in its notice to the Pakistan Stock Exchange (PSX).

“The State Bank of Pakistan (SBP) in line with its regulatory directives has encouraged banks to establish currency exchange companies to facilitate and improve the currency exchange and related financial services through formal banking channels,” read the notice.

“Accordingly, Board of Directors of the Bank of Khyber in their meeting held on Friday, November 03, 2023 has approved for establishment of an EC with an authorized share capital of Rs1,000 million subject to approval and clearance from SBP and completion of other regulatory compliance requirements,” it added.

The bank shared that the EC will be its wholly-owned subsidiary and will operate as an EC within the framework prescribed by the SBP.

In September, the SBP, in its bid to strengthen controls amid the massive fall in rupee’s value in the open market, decided to introduce ‘structural reforms’ in the EC sector.

“As part of these reforms, leading banks actively engaged in foreign exchange business will establish wholly-owned Exchange Companies (EC) to cater to the legitimate foreign exchange needs of general public,” said the SBP in a statement.

The SBP has also raised the minimum capital requirement for EC from Rs200 million to Rs500 million, raising the barrier to entry for the private sector.

As per the bank’s latest financial results, BoK announced a profit before tax of Rs 4,682 million for 9MCY23.

Comments

Comments are closed.