Habib Bank Limited informed Pakistan Stock Exchange that the State Bank of Pakistan has accorded their in-principle clearance under Fit & Proper Test (FPT) Criteria for the appointment of Ms. Diane Elizabeth Moore as Independent Director against the casual vacancy at HBL Board of Directors with effect from January 16, 2020, subject to compliance with all applicable laws, rules and regulations.

The announcement is available at:

https://dps.psx.com.pk/download/document/141548.pdf

Habib Bank Limited is incorporated in Pakistan as a commercial bank in 1947 and the foundations of the company are laid under the Banking Ordinance of Pakistan and Companies Ordinance, 1984. The company is engaged in the business of commercial banking, modaraba management and asset management related services in Pakistan and overseas. The shares of the bank are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan. The registered office of the company is located in Karachi.

The bank has a branch network of over 1,500 branches inside Pakistan including 33 Islamic banking branches and 43 branches outside the country including Karachi Export Processing Zone. The bank also has 1,300 ATMs across the country and a customer base exceeding five million relationships. The bank has presence in 25 countries, subsidiaries in Hong Kong and the UK, affiliates in Nepal, Kenya and Kyrgyzstan and rep offices in Iran and China. The bank is also expanding its presence in principal international markets including the UK, UAE, South and Central Asia, Africa and the Far East.

The Government of Pakistan privatized HBL in 2004 through which the Aga Khan Fund for Economic Development acquired 51% of the Bank's shareholding and management control, 42.5% of the shareholding is retained by the Government of Pakistan, whilst 7.5% is owned by the general public i.e. over 170,000 shareholders following the public listing that took place in July 2007.

The symbol "HBL" is being used by the stock exchanges for the shares of Habib Bank Limited.

© Pakistan Press International, source Asianet-Pakistan