Habib Bank Limited (HBL): DFS Seeks to Impose a Penalty upto USD 630mn on HBL – By AHL Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">As per notice given by HBL (Habib Bank Limited) on the PSX, the DFS (New York State Department of Financial Services) announced its decision seeking to impose a fine upto USD 630mn for non-compliance at its New York Branch. The bank has subsequently decided to close its NY operations immediately, with the due process for orderly winding down granted. The bank has also announced its decision to contest this fine in the courts of law and in the scheduled administrative hearing.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">As a result, this could cause an adverse impact of PKR 45/share to the banks book value. We would like to highlight that although the bank has communicated that this penalty will not have a ma...