Key Takeaways
- Askari Bank Limited approved an increase in the capital of its currency exchange subsidiary.
- The authorized capital was raised from Rs. 1.2 billion to Rs. 2 billion, with paid-up capital increasing to Rs. 1.5 billion.
- This move aims to strengthen Askari Currency Exchange’s financial position and support operations.
Askari Bank Limited has taken a significant step towards bolstering its foreign exchange business by approving an increase in the authorized and paid-up capital of its wholly owned subsidiary, Askari Currency Exchange (Pvt.) Limited.
According to a disclosure submitted to the Pakistan Stock Exchange (PSX), the Board of Directors of Askari Bank approved raising the authorized capital from Rs. 1.2 billion to Rs. 2 billion, while the paid-up capital was increased from Rs. 1 billion to Rs. 1.5 billion.
This financial injection is expected to enhance the subsidiary’s operational capabilities and strengthen its position in Pakistan’s foreign exchange market.
Askari Currency Exchange (Pvt.) Limited operates as a wholly owned subsidiary of Askari Bank, providing currency exchange and related foreign exchange services to customers across Pakistan.
Established in 1991, Askari Bank is one of the major commercial banks in Pakistan and offers a wide range of banking services including retail, corporate, Islamic, and digital banking solutions.
The capital enhancement for Askari Currency Exchange remains subject to applicable regulatory and corporate requirements, ensuring compliance with all necessary standards before full implementation.
By increasing its investment in this subsidiary, Askari Bank aims to capitalize on the growing demand for foreign exchange services in Pakistan, thereby solidifying its market position.
