HBL's only branch in New York faces $630 million penalty
HBL has decided to close its operations in New York.
(Dunya News) - The New York State Department of Financial Service (DFS) has sought to impose 629.625 million dollars penalty on only branch of Habib Bank at the United States.
According to filing of Habib Bank released on Monday, despite bank’s sincere and extensive remediation measures, DFS is still not appreciating or recognizing the significant progress that HBL has made at its branch in New York and HBL has received a notice from DFS in terms of which DFS seeks to impose an outrageous civil monetary penalty of up to 629.625 million.
HBL has further decided to close its operations in New York in an orderly manner and DFS has allowed HBL to submit an application for orderly winding down of its New York branch. Steps to formlise this will commence shortly.
HBL shall vigorously contest this in the scheduled administrative hearing and the courts of law in the United States as being unjustified capricious, unreasonable not supported by facts or law and as being time barred.
(STORY BY HARIS ZAMIR)
