Bank Al-Habib has decided to reduce its foreign footprint, as it is all set to close its wholesale branch operations in Seychelles.
According to the stock filing, the bank has received in-principle approval from the State Bank of Pakistan (SBP) and the Central Bank of Seychelles (CBS) to wind up its voluntary operations in the islands of East Africa.
Bank Al-Habib set up its branch in Seychelles in 2014, mainly focusing on trade financing at the offshore base on Mahe, the largest island of the Seychelles archipelago.
Like many other banks, Bank Al-Habib has been scaling down its foreign operations in recent times. It also shut down its registered subsidiary Al-Habib Credit & Finance a couple of years ago. Earlier, various major banks also shut down their branches and subsidiaries including Habib Bank Limited, United Bank Limited, MCB, and National Bank of Pakistan. Bank Al-Habib is, however, operating its foreign branches in Bahrain and Malaysia in addition to its offices in UAE, Istanbul, Beijing, and Kenya.
The management of Bank Al-Habib has been focusing on its local operations and business with one of the fastest-growing networks of branches which surged to over 940 across the country.
The bank’s assets and deposits bases are consistently increasing with its operations surging to over Rs. 1 trillion, and the bottom line is also showing healthy growth with each passing year.