Soneri Bank approves establishment of wholly owned subsidiary

The Board of Directors of Soneri Bank Limited at its 216th meeting held on Monday approved the establishment of an Asset Management Company (AMC) as a wholly owned subsidiary of the bank . The bank shared it via a notice to the Pakistan Stock Exchange today. It said the company was established “with a view to diversify the bank’s business operations, subject to obtaining all requisite regulatory approvals and licenses from the Securities and Exchange Commission of Pakistan (SECP) and other relevant authorities”. “The proposed company shall be established with an initial paid-up capital of Rs1,000,000,000 (Rupees One Billion only), which shall be fully subscribed and invested by the Bank, in compliance with the applicable regulatory capital requirements prescribed by the SECP for Asset Management Companies,” the notice informed the bourse. The bank added that further developments shall be communicated to the PSX in due course, as and when material.

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