Bank of Punjab to Set Up Offices in Bahrain, UAE

The Board of Directors of the Bank of Punjab (PSX: BOP) in their meeting held on July 01, 2024, have approved the business plan to establish a Wholesale Banking Unit in the Kingdom of Bahrain and a representative office in the United Arab Emirates, subject to approval from the State Bank of Pakistan (SBP) and other regulators. Following approval from SBP, the Bank will approach other regulatory authorities to establish a Wholesale Banking Branch in Bahrain and a representative office in UAE. Further progress in this regard will be shared in due course of time, said the bank. BOP is principally engaged in commercial banking and related services. The majority of shares of the Bank are held by the Government of Punjab (GoPb). At the time of filing, BOP’s scrip at the bourse was Rs. 5.54, up 2.59 percent or Rs. 0.14 with a turnover of 13.1 million shares on Thursday.