Karachi: Bank Al Habib Limited (BAHL), a leading Pakistani commercial bank, has officially closed its representative office in Kenya after securing all necessary regulatory approvals. The closure comes following in-principle consent from the State Bank of Pakistan (SBP) and final approval from the Central Bank of Kenya.
In a formal notice to the Pakistan Stock Exchange (PSX) on Tuesday, BAHL confirmed the decision, stating that the Central Bank of Kenya had directed the bank to surrender its representative office license upon fulfilling all compliance requirements.
BAHL clarified that the move aligns with its long-term strategic plans and emphasized that the closure will have no material effect on its financial performance or operational strength. "This decision is in line with the bank’s strategy and will not have any material impact on the overall operating and financial position of the bank," the statement read.
The bank, incorporated in Pakistan on October 15, 1991, has grown into one of the country’s major financial institutions, focusing on commercial banking services. Despite exiting the Kenyan market, BAHL remains strong at home, reporting a net interest income of Rs33.71 billion in Q1 2025, compared to Rs37.21 billion in the same period last year. Its basic earnings per share from continuing operations rose to Rs9.65 from Rs9.22 year-on-year.
The decision to step back from Kenya suggests a streamlining of BAHL’s international footprint to focus on core markets and improved efficiency amid a shifting global banking environment.
[Source Credit: Business Recorder]
