Habib Metropolitan Bank approves capital increase for subsidiaries

Habib Metropolitan Bank Limited has approved an increase in the capital of its 100% owned subsidiaries, HabibMetro Exchange Services Limited and Habib Metropolitan Financial Services Limited to ensure smooth operations.

The HabibMetro Exchange Services’ capital is being raised from Rs1 billion to Rs1.5 billion, a notice to the Pakistan Stock Exchange (PSX) read.

The decision was taken by the Board of Directors in its meeting held on February 12, the notice read.

The meeting also decided to approve an enhancement in the authorized and paid-up capital of its wholly owned subsidiary, Habib Metropolitan Financial Services Limited, from the existing Rs300 million to Rs500 million.

Habib Metropolitan Bank was incorporated in Pakistan as a public limited company in 1992. The bank is the subsidiary of Habib Bank AG Zurich – Switzerland which is the holding company of the bank.