Karachi: The Bank of Punjab has announced plans to expand its international presence by establishing a Wholesale Banking Unit (WBU) in the Kingdom of Bahrain and a representative office in the United Arab Emirates. The decision was ratified by the bank’s Board of Directors during their meeting on July 1, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the initiative is still pending regulatory approvals, including those from the State Bank of Pakistan (SBP). Post-approval, the Bank of Punjab will seek further permissions from relevant authorities in Bahrain and the UAE to operationalize these new facilities.

The establishment of these overseas units represents a strategic move to tap into the Middle Eastern markets, promising broader business horizons for the Bank of Punjab. This step is aligned with the bank’s objectives to enhance its global footprint and offer more comprehensive services to its international clientele.

Further updates on the development and operationalization of the WBU in Bahrain and the representative office in UAE will be communicated to stakeholders in due time.