Habib Bank Limited (HBL): Civil monetary fine of up to US$625m could be imposed on New York branch – By Insight Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">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&rsquo;s branch in New York.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">HBL has further decided to close its operation in New York and DFS has allowed HBL to submit an application for the same.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The notice also mentions that the verdict will not have any material impact on HBL&rsquo;s business outside of the United States and HBL will continue to service the requirements of...