In a surprise, Top Pakistani Bank voluntarily closes it's branch in New York

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In a surprise, Top Pakistani Bank voluntarily closes it's branch in New York

KARACHI: The Habib Bank Limited (HBL) will no longer operate any branch in the United States and will complete the voluntary closure of its New York Branch by March 31, 2020, in coordination with New York banking regulators.

In a notification sent to the Pakistan Stock Exchange (PSX) on Monday, HBL further said, “We wish to thank State Bank of Pakistan, New York State Department of Financial Regulations and Federal Reserve Bank of New York for their consistent support and cooperation throughout the process of winding up and close New York Branch.”

In a separate statement, HBL emphasized that the bank had voluntarily agreed, in coordination with the regulators in New York, to conduct a systematic 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 operate any branch in New York, the bank will continue to service its clients’ US Dollar banking requirements, in Pakistan and other countries where it operates, through its network of correspondent banks.

According to the HBL statement, the bank proactively initiated a business transformation programme in early 2018, focused on its control and compliance processes and systems to further strengthen its adherence to international standards.

Pakistan