KARACHI: The Bank of Punjab has announced its strategic decision to establish a wholesale banking unit (WBU) in the Kingdom of Bahrain and a representative office in the United Arab Emirates (UAE), subject to regulatory approvals. This move is part of the bank's broader expansion strategy aimed at enhancing its regional presence and diversifying its service offerings.
According to a note submitted to the Pakistan Stock Exchange on Thursday, the Board of Directors of the Bank of Punjab approved the business plan for these expansions during their meeting held on July 1, 2024. This decision underscores the bank’s commitment to tapping into new markets and exploring growth opportunities in the Middle East.
The establishment of a WBU in Bahrain and a representative office in the UAE is contingent upon approvals from the State Bank of Pakistan (SBP) and other relevant regulatory authorities. Once approval from the SBP is secured, the Bank of Punjab will initiate the necessary procedures to establish these entities in compliance with local regulations.
“We are pleased to announce our plans to expand our footprint into Bahrain and the UAE,” stated a spokesperson from the Bank of Punjab. “These strategic initiatives are aimed at strengthening our presence in key markets and better serving our customers by offering a broader range of financial services.”
The bank has indicated that further updates regarding the progress of these expansions will be shared in due course. This strategic move reflects the Bank of Punjab’s proactive approach to leveraging growth opportunities in the international banking sector and underscores its commitment to enhancing shareholder value through strategic expansion initiatives.
The Bank of Punjab, one of Pakistan’s leading financial institutions, continues to focus on sustainable growth and expanding its market reach while maintaining robust regulatory compliance standards.