Karachi: Askari Bank Limited has officially disclosed the granting of an operational license to its wholly owned subsidiary, Askari Currency Exchange (Pvt.) Limited, by the State Bank of Pakistan (SBP). This announcement follows the issuance of a certificate of incorporation by the Securities and Exchange Commission of Pakistan (SECP) to the subsidiary on April 19, 2024.

According to information available from the Pakistan Stock Exchange (PSX), this development is part of a series of regulatory compliances that include adherence to Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1(a) of the Rule Book of the Pakistan Stock Exchange Limited. The bank has completed all necessary formalities, including the public disclosure of Material Information, which directly impacts the listed securities of the bank.

The operational license allows Askari Currency Exchange to commence its operations, marking a significant expansion in the bank’s services. This move is expected to enhance the bank’s offerings in the financial market, particularly in the currency exchange sector.

The disclosure form of the Material Information was attached as Annexure-A, and the TRE Certificate Holders of the Exchange have been informed accordingly.

This strategic initiative is aligned with Askari Bank's efforts to diversify its operations and provide comprehensive financial services to its customers.