KARACHI: The Habib Bank Limited (HBL) will no longer operate any branch inthe United States and will complete the voluntary closure of its New YorkBranch by March 31, 2020, in coordination with New York banking regulators.
In a notification sent to the Pakistan Stock Exchange (PSX) on Monday, HBLfurther said, “We wish to thank State Bank of Pakistan, New York StateDepartment of Financial Regulations and Federal Reserve Bank of New Yorkfor their consistent support and cooperation throughout the process ofwinding up and close New York Branch.”
In a separate statement, HBL emphasized that the bank had voluntarilyagreed, in coordination with the regulators in New York, to conduct asystematic wind-down of the bank’s affairs in New York.Video Player
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The bank also clarified that even though the ebank would no longer operateany branch in New York, the bank will continue to service its clients’ USDollar banking requirements, in Pakistan and other countries where itoperates, through its network of correspondent banks.
According to the HBL statement, the bank proactively initiated a businesstransformation programme in early 2018, focused on its control andcompliance processes and systems to further strengthen its adherence tointernational standards.
