August 29, 2017
Habib Bank Limited, Pakistan’s largest, shut down its operations in the US on Monday after being slapped with a hefty $629.6 million civil penalty by the New York State Department of Financial Services (DFS). HBL said it would contest the fine in court. It further decided to close its operations in New York and the DFS has allowed it to submit a withdrawal application, Xinhua news agency reported.
“Despite HBL’s sincere and extensive remediation measures, DFS is still not appreciating or recognising the significant progress that HBL has made at its branch in New York,” the HBL statement said.