Karachi – Faysal Bank Limited (PSX: FABL) has announced a capital injection of Rs. 200 million into its subsidiary, FICECL, through a rights issue, the bank confirmed in a notice to the Pakistan Stock Exchange (PSX) today.
The injection is intended to ensure FICECL complies with regulatory capital requirements set by financial authorities, strengthening its operational and financial stability. FICECL, established as a currency exchange company, focuses on facilitating foreign exchange transactions with competitive rates and simplified processes.
Faysal Bank obtained approval from the Securities and Exchange Commission of Pakistan (SECP) in January 2024 to establish FICECL as a subsidiary. The move was part of the bank’s broader strategy to expand its presence in the forex market while complementing its conventional and Islamic banking activities, including corporate, commercial, and consumer banking services.
FABL’s rights issue reflects a proactive approach to capital management and regulatory compliance, ensuring the subsidiary can meet operational requirements while pursuing growth opportunities in Pakistan’s currency exchange and remittance sector.
The bank’s leadership emphasized that this capital support will enable FICECL to continue providing high-quality forex services, contributing to enhanced customer experience and broader market competitiveness. The subsidiary plays a key role in supporting FABL’s expansion into niche financial services beyond traditional banking, including cross-border remittances and currency exchange operations.
By strengthening FICECL’s capital base, Faysal Bank reinforces its commitment to maintaining robust regulatory standards while exploring innovative solutions in the financial services landscape. The bank continues to operate across conventional and Islamic banking platforms, offering comprehensive services for individuals, businesses, and institutional clients.
This development aligns with ongoing trends in Pakistan’s banking sector, where financial institutions are increasingly leveraging subsidiaries and specialized entities to diversify offerings and comply with evolving regulatory frameworks. Faysal Bank’s move also highlights the growing importance of forex and digital payment services as part of a modern banking strategy.
The rights issue injection marks a strategic step in supporting FICECL’s operational efficiency and market expansion, positioning the subsidiary for sustainable growth and enabling the bank to provide a seamless, compliant, and competitive foreign exchange service to its clients across Pakistan.
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