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Afghanistan cancels Habib Bank Limited’s license

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Afghanistan’s Central Bank has cancelled the operating license of Pakistan’s Habib Bank Limited, Afghan Khaama News Agency reported Monday.

Khalil Sediq, the governor of Central Bank of Afghanistan, said that the audits “revealed numerous violations committed by Habib Bank during the past 10 years”.

The governor said that the bank didn’t comply with the instructions to change its capital in Afghan currency despite warnings by the Afghan central bank.

HBL has not only failed to contribute to the economic development of Afghanistan, but the bank has given no loans to Afghan entrepreneurs, Sediq added.

The Central Bank governor said it was decided to cancel the operating license of HBL considering the violations of the bank.

 

 

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