Actions against the National Bank of Pakistan and its New York branch have been announced and the Federal Reserve has terminated its enforcement actions against the National Bank.
The management of the National Bank has informed the Pakistan Stock Exchange through a letter in this regard. The letter states that the “Cease and Desist Order” issued on 22nd February 2022 has been revoked on 2nd December 2024. Further, the written agreement entered into on 14 March 2016 has been terminated on 17 December 2024.
This notice is given under Section 96 and 131 of Pakistan Stock Exchange Rules and Regulations of Securities Act 2015, National Bank of Pakistan has informed the concerned stockholders through Stock Exchange.
It should be noted that this announcement is a positive development for the business process of National Bank of Pakistan which will lead to increase in global confidence.
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