HBL to Inject Rs. 1.4 Billion in Its Subsidiary

The management of Habib Bank Limited (HBL) has received a green signal from the State Bank of Pakistan for undertaking a capital injection to the tune of Rs. 1.4 billion in its wholly-owned subsidiary, HBL Assets Management Company, according to the notification issued to Pakistan Stock Exchange. HBL Assets Management Company is managing 22 open-ended and pension funds including conventional and Sharia-compliant modes. The assets management company’s overall assets through these funds surged to over Rs. 150 billion by end of 2021. In 2016, HBL Asset Management acquired PICIC Asset Management, a subsidiary of NIB Bank (which merged within MCB Bank) with assets under management of approximately Rs. 23 billion in eight mutual funds, for Rs. 4.1 billion. The subsidiary continued to expand its operations with the launch of various funds in the mutual fund sector attracting handsome deposits from the investors.