Latest news with #BankAlHabibLimited
Business Recorder
06-05-2025
- Business
- Business Recorder
Bank Al Habib shuts representative office in Kenya
Bank Al Habib Limited (BAHL) is officially closing its representative office in Kenya, following formal approvals from the central banks of both Pakistan and Kenya. BAHL disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. 'We write to inform you that, subsequent to the State Bank of Pakistan's (SBP's) in-principle approval for the closure of Bank AL Habib Limited's representative office in Kenya, we have also received approval from Central Bank of Kenya for the closure of the aforesaid representative office,' read the statement. BAHL informed that the Central Bank of Kenya has 'now informed us to surrender the license of the representative office after completion of all compliance requirements by the bank'. 'This decision is in line with the bank's strategy, and it will not have any material impact on the overall operating and financial position of the bank,' it said. Incorporated in Pakistan on 15 October 1991 as a public limited company under repealed Companies Ordinance, 1984, BAHL is a scheduled bank principally engaged in the business of commercial banking. For the first quarter ended March 31, 2025, BAHL reported a net interest income of Rs33.71 billion, as compared to Rs37.21 billion a year ago. Basic earnings per share from continuing operations clocked in at Rs9.65 compared to Rs9.22 a year ago.
Zawya
06-05-2025
- Business
- Zawya
Pakistani bank exits Kenya after seven years
Pakistani lender Bank Al Habib Ltd has announced the closure of its Kenyan operations after seven years in the country for undisclosed reasons. The bank said in a public notice on May 5 that it will close down its representative office in Nairobi on May 15, 2025 as part of its broader global restructuring plan aimed at improving operational efficiency. The central bank has endorsed the exit.'Bank Al Habib Limited (BAHL) hereby notifies its customers the general public, stakeholders, and all interested parties that BAHL shall close down its Representative Office in Kenya with effect from May 15 2025. This follows approval from the Central Bank of Kenya (CBK) on April 30, 2025, in line with the Banking Act (Cap. 488, laws of Kenya) and Prudential Guidelines issued thereafter,' the lender said in the notice.'Closure of the Representative Office follows a strategic review undertaken by the Board of Directors of BAHL and is part of a broader global restructuring initiative aimed at consolidating international operations and improving overall operational efficiency. Accordingly, BAHL shall terminate its presence in Kenya and ceases all its operations effective May 15, 2025.'The lender opened a representative office in Nairobi in April 18, 2018, with a plan explore business opportunities in Kenya and the wider East and Central African region as part of the its long-term global expansion strategy. The representative office in Kenya marked its Africa entry. Authorised representative offices serve as marketing and liaison offices for their parent banks and affiliates and are not permitted to undertake banking business. Outside Pakistan, Bank Al Habib has a presence in Bahrain, Seychelles, China, Türkiye, and the United Arab Emirates. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
