Karachi, Meezan Bank Limited has taken a significant step towards expanding its financial services offerings. The Bank's Board of Directors, through circular resolution No. 6 of 2023 dated September 12, 2023, has granted approval for the establishment of an Exchange Company. This subsidiary is set to have an initial paid-up capital of up to PKR 1.0 billion.

This strategic move, subject to approval and clearance from the State Bank of Pakistan and the fulfillment of other regulatory compliance requirements, represents Meezan Bank's commitment to enhancing its suite of financial services. The Exchange Company will be a wholly-owned subsidiary of Meezan Bank Limited.

The decision to establish this Exchange Company aligns with Meezan Bank's dedication to providing a comprehensive range of financial solutions to its customers and the broader market. While awaiting regulatory clearance, the Bank is positioning itself to diversify its offerings and meet the evolving needs of its clientele.

This development marks an important milestone in Meezan Bank's growth strategy, signaling its intent to play a more prominent role in the financial services sector. Further updates regarding the establishment of the Exchange Company will be provided as regulatory approvals are secured, and compliance requirements are met.