The State Bank of Pakistan (SBP) is not expecting imminent risks to Habib Bank Limited operations and banking industry of Pakistan. While, reacting to the New York State Department of Financial Services' notice of a plenty to HBL's New York Branch, SBP said that HBL has brought to the notice of SBP that its New York (NY) branch has received a notice of hearing from New York State Department of Financial Services (NY DFS) under which NY DFS proposes to impose a civil monetary penalty on HBL NY. HBL has informed SBP about its decision to contest the supervisory action by NY DFS.
According to State Bank, it is cognizant of these developments and is closely monitoring the situation and finds no imminent risks to HBL operations and banking industry of Pakistan. State Bank has also reiterates its commitment to safeguard the interests of depositors and to ensure safety and soundness of the banking system of the country.
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