It has been announced by Habib Bank Limited (HBL) to shut down its subsidiary in Hong Kong. The operations of Habib Finance International Limited, a wholly-owned subsidiary of the bank that is based in Hong Kong will be closed.
Since 1976, the bank had been running its subsidiary in Central Hong Kong. It provides services like loans provision, deposits saving and trade financing services.
As per a financial report, HBL filed for voluntary liquidation and is in the process of completing the necessary formalities in this regard. The procedure can take a few months to get finalized according to the operating country’s and State Bank of Pakistan’s rules and regulations.
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Earlier Bank Al-Habib also withdrew its license for running a subsidiary in Hong Kong. So overall the presence of Pakistani banks in Hong Kong will reduce.
HBL also shut down its branch in Seychelles, East Africa after the approval from concerned regulators of the two countries.
Since the closure of its branch in France and a representative office in Iran the branch was compelled to exit from New York and now it is shutting down its subsidiary in Hong Kong.