The Bank of Khyber (PSX: BOK) is set to establish an Exchange Company, the bank informed the Pakistan Stock Exchange on Friday.

“The Board of Directors of the Bank of Khyber in their meeting held on Friday, November 03, 2023 at 02:30 p.m., has approved for establishment of an Exchange Company with an authorized share capital of PKR 1,000 million subject to approval/clearance from SBP and completion of other regulatory compliance requirements,” read the stock filing.

The Exchange company will be a wholly-owned subsidiary of the Bank and will operate as an Exchange company within the framework prescribed by the SBP, it added.

Since the central bank’s announcement for banks to set up wholly-owned foreign exchange entities, United Bank Limited, Bank Al Habib, MCB Bank, Allied Bank, Meezan Bank, Bank Alfalah, Habib Metropolitan Bank Limited, Faysal Bank, Askari Bank, and Bank of Punjab have all announced the establishment of Exchange Companies.

Source: Pro Pakistani