The Securities and Exchange Commission of Pakistan (SECP) ) has issued the Certificate of Incorporation to Meezan Exchange Company (Pvt.) Limited, Meezan Bank Limited (PSX: MEBL) informed the Pakistan Stock Exchange on Wednesday.
“We are now pleased to inform you that subsequent to the issuance of the NOC from the State Bank of Pakistan for the establishment of the Exchange Company, the Securities and Exchange Commission of Pakistan (SECP) has issued the Certificate of Incorporation to Meezan Exchange Company (Pvt.) Ltd., a fully-owned subsidiary of Meezan Bank Ltd,” the filing said.
As the next step in the process, MEBL’s application will now be submitted to SBP for issuance of a license to commence operations, as per the SBP Exchange Companies Manual.
This comes after SBP empowered all leading banks involved in foreign exchange trading to create wholly owned ECs to service the country’s lawful foreign exchange needs.