Allied Bank Limited (ABL) has announced its plan to establish an Exchange Company, following a trend set by several other commercial banks in Pakistan.
ABL’s Board of Directors has approved the establishment of the Exchange Company with an initial paid-up capital of Rs. 1,000 million.
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This move is in response to structural reforms in the Exchange Companies’ sector initiated by the central bank, which requires leading banks engaged in foreign exchange business to establish wholly-owned Exchange Companies to serve the legitimate foreign exchange needs of the general public.
The establishment of ABL’s Exchange Company is pending approval and clearance by regulatory authorities.
