In a significant development, The Securities and Exchange Commission of Pakistan (SECP) has officially registered The Bank of Punjab’s (BOP) exchange company, marking a pivotal milestone for the financial institution.
The bank disclosed this noteworthy achievement in a communication to the main bourse on Monday, expressing its pleasure at the successful issuance of the Certificate of Incorporation to “BOP Exchange (Private) Limited.” This entity serves as a fully owned subsidiary of The Bank of Punjab.
Following the issuance of the Certificate of Incorporation by SECP, the bank informed shareholders that the next step in the process involves submitting an application to the State Bank of Pakistan (SBP) for the issuance of a license to commence operations. This step aligns with the guidelines outlined in the SBP Exchange Companies Manual.
The Bank of Punjab, primarily engaged in commercial banking and associated services, holds the majority of its shares under the ownership of the Government of Punjab (GoPb). This recent development underscores the institution’s commitment to diversifying its portfolio and expanding its range of financial services to better serve its clientele.
With the SECP’s official registration of The Bank of Punjab’s exchange company, stakeholders anticipate enhanced accessibility to a broader array of financial products and services, further solidifying the bank’s position as a key player in the country’s banking and financial landscape.
