Faysal Bank Limited (FBL) is set to establish an Exchange Company with an initial paid-up capital of Rs. 1000 million.
In a notice to the Pakistan Stock Exchange (PSX), the bank said that the Board of Directors has approved the establishment of an Exchange Company.
The setting up of the company is subject to approval/clearance of the State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan, and completion of other regulatory compliance requirements, the notice added.
The notice also highlighted that the Exchange Company will be a wholly-owned subsidiary of FBL.
Earlier this month, the central bank announced a number of structural reforms in the Exchange Companies’ sector. As part of these reforms, leading banks actively engaged in foreign exchange business were to set up wholly owned Exchange Companies to cater to the legitimate foreign exchange needs of the general public.
Since the central bank’s announcement, United Bank Limited, Bank Al Habib, MCB Bank, Allied Bank, and Meezan Bank have all announced the establishment of Exchange Companies.