HBL to close its operations in NY

ISLAMABAD: Habib Bank Limited (HBL) has decided to close its operations in New York following a notice of hearing from New York State Department of Financial Services (DFS) in terms of which DFS seeks to impose a monetary penalty of up to US$ 629, 625,000.

There will be no material impact on HBL’s business outside of the United States and HBL will continue to service the requirements of its domestic and international customers, including for their US dollar business, said a press release issued here on Sunday.

In 2015, the HBL’s New York branch was subject to a Consent Order and a Cease and Desist Order by the DFS and the Federal Reserve Bank of New York respectively. The HBL had also notified of this to Pakistan Stock Exchange.

The said branch has been operating in New York since 1978 and mainly offers US dollar clearing services.