Habib Bank Limited (HBL) will inject an amount of Rs. 500 million in its subsidiary, HBL Asset Management Company to strengthen its operations, a notification issued by the bank to the Pakistan Stock Exchange (PSX) revealed.
The bank has received an approval from State Bank of Pakistan on its proposal of undertaking an equity injection of Rs. 500 million in its wholly owned subsidiary Habib Asset Management Company, the notification said.
HBL Asset Management Company is one of leading fund managers offering 17 mutual funds and 2 pension funds, in both the conventional and Shariah mode. HBL AMC was launched in 2007. It acquired PICIC Investment Asset Management Company at Rs. 4.1 billion in 2016 merging its operation within.
Banking companies having stakes in its asset management companies enhanced their shareholding in the subsidiary recently including Faysal Bank Limited, Askari Bank Limited and Bank Al-Habib. The aim to acquire 100 percent shareholding in the assets management company is synergizing the operations of the fund managers along with the bank’s support.