The Board of Directors of the Bank of Punjab (BoP) has given approval to the bank to establish a Wholesale Banking Unit (WBU) in the Kingdom of Bahrain and a representative office in United Arab Emirates (UAE).
The bank shared the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
“The BoD of the Bank of Punjab in their meeting held on July 01, 2024 have approved the business plan to establish a WBU in the Kingdom of Bahrain and a representative office in UAE, subject to approval from the State Bank of Pakistan (SBP) and other regulators,” read the notice. It is pertinent to mention that wholesale banking refers to banking services sold to large clients, such as other banks, other financial institutions, government agencies, large corporations, and real estate developers. It is the opposite of retail banking, which focuses on individual clients and small businesses.
Meanwhile, the bank said following the approval from the SBP, the BoP will approach other regulatory authorities to establish a wholesale banking branch in Bahrain and a representative office in UAE.
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