Askari Bank Limited (PSX: AKBL) has approved an increase in the authorized and paid-up capital of its wholly owned subsidiary, Askari Currency Exchange (Pvt.) Limited, as the bank moves to strengthen its foreign exchange business.
According to a disclosure submitted to the Pakistan Stock Exchange (PSX), the Board of Directors approved increasing the authorized capital of Askari Currency Exchange from Rs. 1.2 billion to Rs. 2 billion, while the paid-up capital will be increased from Rs. 1 billion to Rs. 1.5 billion.
Note: Authorized capital is the maximum limit of money a company can raise by issuing shares, while paid-up capital is the actual money the company has received from shareholders.
The capital enhancement is expected to strengthen the subsidiary’s financial position and support its operations in Pakistan’s foreign exchange market.
Askari Currency Exchange (Pvt.) Limited operates as a wholly owned subsidiary of Askari Bank, providing currency exchange and related foreign exchange services.
Askari Bank Limited, one of Pakistan’s major commercial banks, was established in 1991 and is listed on the Pakistan Stock Exchange. The bank provides a wide range of banking services, including retail, corporate, Islamic and digital banking solutions.
The bank’s foreign exchange subsidiary capital increase remains subject to applicable regulatory and corporate requirements.
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