629.625 million dollars penalty is imposed on HBL’s only branch in the United States. The penalty is placed by New York State Department of Financial Service.
HBL released a filing that said that the bank is working sincerely and extensively taking remediation measures which are sadly not acknowledged by DFS. The banks have made significant growth in New York but still, an outrageous penalty of 629.625 million is placed on it.
Now HBL has made a decision to close its branch in New York to which DFS has allowed the bank permission to submit an application for organized closing down of its New York branch.
The bank has also decided to contest this penalty issue in scheduled administrative hearing and the courts of law in the United States. The bank believes that the decision is unjustified, sudden, irrational and illogical.