HBL to End its Operations in Afghanistan – Research Snipers

HBL to End its Operations in Afghanistan

Habib Bank Limited will end its operations in Afghanistan in 2019. The management of HBL was ordered by the central bank of Afghanistan Da Afghanistan Bank to stop receiving deposits from the users. Customers have been asked to remove their funds from the bank accounts till 10th of June, 2019.

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Since 2004, HBL branch was functional in Kabul. According to information available on HBL’s official website in April 2004, the bank acquired a business license from the Afghanistan Investment Support Agency that has validity till 30th July, 2020.

The spokesman said that HBL is winding up its business in Afghanistan.

The reports state that HBL is looking to right size its operations in different markets.

The spokesman said, “To compete effectively, HBL will drive greater efficiencies within its global footprint.”

Adding, “This drive will be achieved on the back of redeploying HBL’s valuable resources. This will create further capacity for accelerated investment in geographies that support HBL’s customers’ and clients’ strategic priorities.”

HBL revealed that the strategic review of the bank’s global footprint has been completed.

In the annual report for 2018 it was stated, “In the aftermath of the accelerated de-dollarisation and de-risking carried out in late 2017 and early 2018, this has been a year of rebuilding for the international network, with a new strategy for the overall network focused on business/trade corridor connectivity with Pakistan.”