The State Bank of Pakistan (SBP) has granted The Bank of Punjab (BOP) in-principle approval to establish an overseas wholesale banking unit in the Kingdom of Bahrain, marking a significant step in the bank’s international expansion strategy.
The approval follows BOP’s earlier disclosure in July 2024 regarding its plans to establish a presence in Bahrain.
According to a disclosure filed with the Pakistan Stock Exchange (PSX), the approval is subject to obtaining all required regulatory clearances in both Pakistan and Bahrain. The proposed unit will also be required to comply with applicable laws, regulations, and conditions prescribed by the SBP.
BOP said the proposed wholesale banking unit will commence operations only after securing a No Objection Certificate (NOC) from the Central Bank of Bahrain (CBB) and obtaining the necessary banking license from the State Bank of Pakistan.
The Bahrain expansion is expected to support BOP’s international growth ambitions and strengthen its ability to serve corporate and institutional clients through cross-border banking and financial services.
The Bank of Punjab said it will continue to keep the Pakistan Stock Exchange informed of any further material developments in accordance with applicable regulatory requirements.
