Habib Bank Limited (HBL): Civil monetary fine of up to US$625m could be imposed on New York branch – By Insight Research
- Habib Bank Limited (HBL)
- HBL, via announcement on PSX, has just disclosed that the bank has received a notice from New York state Department of Financial Services (DFS) in terms of which DFS seeks to impose a civil monetary penalty of up to US$625m (PKR45/share) pertaining to HBL’s branch in New York.
- HBL has further decided to close its operation in New York and DFS has allowed HBL to submit an application for the same.
- The notice also mentions that the verdict will not have any material impact on HBL’s business outside of the United States and HBL will continue to service the requirements of...
