The Bank of Punjab (BOP) is pleased to announce a significant strategic decision made by its Board of Directors. In a meeting held on October 28, 2023, the Board of Directors unanimously approved the establishment of a wholly owned Exchange Company with an authorized share capital of PKR 2.50 billion. This decision is in response to the structural reforms introduced by the State Bank of Pakistan (SBP) in the Exchange Company’s sector, encouraging leading banks to create their own Exchange Companies.
The decision to establish this Exchange Company is subject to approval and clearance by the State Bank of Pakistan& SECP as well as the completion of other regulatory compliance requirements. The Exchange Company will operate as a wholly owned subsidiary of BOP, and it will function within the regulatory framework specified by the SBP.
This strategic move is in line with the evolving landscape of financial services in Pakistan and underscores BOP’s commitment to staying at the forefront of developments in the banking sector and offering a comprehensive product suite to its clients. The establishment of a wholly owned Exchange Company will not only expand the bank’s portfolio of financial services but also enhance its ability to provide more diversified and specialized offerings to its valued customers.
