Karachi: Bank AL Habib Limited has announced the impending closure of its Representative Office in Kenya, following the receipt of necessary approvals from both the State Bank of Pakistan and the Central Bank of Kenya. The disclosure, made on May 6, 2025, indicates that the bank has been instructed by the Central Bank of Kenya to surrender the office's license after fulfilling all compliance requirements.

The decision to close the Representative Office aligns with Bank AL Habib's strategic objectives and, according to the bank, will not significantly impact its overall operating and financial position. This information was disclosed as part of the bank's obligations under 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.

According to information available from the Pakistan Stock Exchange (PSX), the closure of the Kenyan office is a procedural move that has been systematically planned and executed, ensuring compliance with regulatory standards in both Pakistan and Kenya.

Bank AL Habib has made this disclosure public in accordance with the Securities Act requirements, ensuring transparency with its securities holders and maintaining compliance with the regulatory framework. The bank's Group Head & Company Secretary, Mohammad Taqi Lakhani, emphasized that all TRE Certificate Holders of the Exchange have been duly informed of this development.

The decision to close the Kenyan office is a part of Bank AL Habib's broader strategic plans, and it asserts that this move will not affect the bank's financial stability. The bank continues to operate within its designated market categories and remains compliant with the regulations of the Pakistan Stock Exchange.