US Financial Authorities have imposed a hefty penalty of nearly $630 million on the HBL bank, following which HBL has decided yo close it's operations in New York.The fine is going to be imposed for violation of the compliance programme, according to the NYDFS.
The bank management has informed the Pakistan Stock Exchange of the incident and pledged to immediately seek recourse from the concerned authorities. After the decision of imposing the fine, the bank has decided to voluntarily close down its operations in New York.
“HBL has voluntarily decided to close its operations in New York in an orderly manner and DFS has allowed HBL to submit a voluntary application for the orderly winding down operations in New York,” said the letter from the bank management to the PSX.
The letter termed the civil monetary penalty of up to $629,625,000 “outrageous”.
“HBL shall vigorously contest this in the scheduled administrative hearing and the courts of law in the US as being unjustified, capricious, unreasonable not supported by facts or law and as being time barred.