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Central bank cancels Pakistan HBL business license

Central bank cancels Pakistan HBL business license

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On
Apr 01, 2019 - 15:55

KABULinfo-icon (Pajhwok): Afghanistaninfo-icon’s Central Bank canceled Pakistaninfo-icon’s Habib Bank Limited (HBL) business license in the country on Monday, an official said.

Emal Hashor, the Afghanistan Central Bank’s spokesman, told Pajhwok Afghan News based on the Bank High Council (BHC)’s instructions, the HBL business license in Afghanistan had been cancelled after the bank violated Afghanistan’s banking regulations.

According the Afghanistan Constitution, all banking investments should be in Afghan currency but the HBL violated the certain law, he said.

He said based on the central bank’s investigation, the HBL during the last two years even did not give 2,000 afghanis to citizens.

Hashor urged the Habib Bank’s depositors and customers to withdraw their money from the bank within three months.

Earlier, Pakistan media quoted a senior official of the bank as saying that the lender has decided to wind down its operations in Afghanistan in line with the regulatory requirements in Afghanistan.

“HBL’s exit from Afghanistan is expected to be completed latest by third quarter 2019 and will be done as per the regulatory requirements of Afghanistan and in consultation with the central bank of Afghanistan (Da Afghanistan Bank),” the bank’s spokesman said.

“HBL’s international footprint is important for the bank to service its domestic and international clients even better and this role will only strengthen in 2019.”

HBL currently has one branch in Kabul. The bank obtained business licence from Afghanistan Investment Support Agency in April 2004, which is valid till July 30, 2020, according to the information available on the HBL’s website.

HBL is closing operations in Afghanistan to focus on select markets, which meet client requirements. He said the bank will be rightsizing operations in some markets.

pk/ma

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