Bank Al Habib Limited (BAHL) is officially closing its representative office in Kenya, following formal approvals from the central banks of both Pakistan and Kenya.
BAHL disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“We write to inform you that, subsequent to the State Bank of Pakistan’s (SBP’s) in-principle approval for the closure of Bank AL Habib Limited’s representative office in Kenya, we have also received approval from Central Bank of Kenya for the closure of the aforesaid representative office,” read the statement.
BAHL informed that the Central Bank of Kenya has “now informed us to surrender the license of the representative office after completion of all compliance requirements by the bank”.
“This decision is in line with the bank’s strategy, and it will not have any material impact on the overall operating and financial position of the bank,” it said.
Incorporated in Pakistan on 15 October 1991 as a public limited company under repealed Companies Ordinance, 1984, BAHL is a scheduled bank principally engaged in the business of commercial banking.
For the first quarter ended March 31, 2025, BAHL reported a net interest income of Rs33.71 billion, as compared to Rs37.21 billion a year ago. Basic earnings per share from continuing operations clocked in at Rs9.65 compared to Rs9.22 a year ago.
