The Bank of Punjab (PSX: BOP) scored a significant win with the official registration of its new exchange company by the Securities and Exchange Commission of Pakistan (SECP).
The bank announced the news on Monday to the main bourse, highlighting the issuance of the Certificate of Incorporation to “BOP Exchange (Private) Limited,” a wholly-owned subsidiary. This achievement follows the State Bank of Pakistan’s (SBP) issuance of a No Objection Certificate (NOC).
The next step for BOP Exchange is to apply for a license to commence operations from the State Bank of Pakistan, following the guidelines set forth in the SBP Exchange Companies Manual.
The Bank of Punjab, primarily focused on commercial banking and related services with a majority ownership by the Government of Punjab (GoPb), is poised to bolster its service portfolio and operational capabilities with this new venture.