Bank Al Habib announces closure of representative office in Kenya
It said the office will continue to engage in non-business activities until all its obligations are fully discharged
Pakistan-based Bank Al Habib Limited has issued a notice of closure for its representative office in Kenya in the next 10 days.
In a notice, the bank stated that the closure comes after approval by the Central Bank of Kenya (CBK) last Thursday.
“BAHL hereby notifies its customers, the general public, stakeholders, and all interested parties that BAHL shall close down its Representative Office in Kenya with effect from May 15, 2025,” the notice in the local dailies read in part.
The lender stated that the closure is in line with the Banking Act (Cap. 488, Laws of Kenya) and Prudential Guidelines issued thereunder.
BAHL Chief Representative Officer Muhammad Hasnain stated that the Lender’s board of directors made a strategic review before making the move, which they added is part of their broader global restructuring initiative aimed at consolidating operations and improve their operational efficiency.
“Closure of Representative offices follows a strategic review undertaken by the Board of Directors at BAHL and is part of a broader global restructuring initiative aimed at consolidating international operations and improving overall international operations,” Hasnain stated.
He thanked the Kenyan customers and the government for their support during the nine years that they operated in the country.
BAHL was granted authority by CBK in April 2018 to establish a Representative Office in Kenya.
This was Bank Al Habib Limited’s first investment in Africa.
However, the bank shut down its Kenyan operations in July 2024 following the directive by CBK in October 2023 on how the bank would voluntarily cease its operations in the country.
It is a prominent Pakistani commercial bank under the Dawood Habib Group.
Habib Bank said the representatives office will continue to engage in non-business activities until all its obligations are fully discharged.
The Office will not be carrying out commercial banking services as they will only be allowed to do research, marketing, and liaison roles on behalf of the parent bank and its affiliates.
