Afghanistan cancels operating licence of Pakistan HBL

Shares
Afghanistan cancels operating licence of Pakistan HBL

KABUL - The Central Bank of Afghanistan has cancelled the operating license of Pakistan’s Habib Bank Limited citing non-compliance of the bank with the banking laws of Afghanistan.

The governor of Central Bank of Afghanistan Khalil Sediq told Khaama Press that the audits of Central Bank of Afghanistan revealed numerous violations committed by Habib Bank were observed during the past ten years.

Sediq further added that the bank has also paid fines for the violations it had committed in the past ten years.

According to Sediq, one of the violations committed by Habib Bank Limited was the non-compliance of the bank to change its capital in Afghanis despite the Central Bank of Afghanistan repeatedly issued warnings in the past 5 years.

He said the Central Bank of Afghanistan issues operating licenses to foreign banks so that they can promote good banking in the country and contribute in economic development of Afghanistan.