Islamabad: The National Bank of Pakistan (NBP) and its New York branch have successfully had the sanctions imposed on them lifted, as the US Federal Reserve has concluded its enforcement actions against the bank.
The bank’s management informed the Pakistan Stock Exchange (PSX) through a letter, stating that the “Cease and Desist Order” issued on February 22, 2022, was terminated on December 2, 2024. Additionally, the written agreement made on March 14, 2016, will be suspended as of December 17, 2024.
This notification was provided in accordance with sections 96 and 131 of the Securities Act of 2015 and PSX regulations. The National Bank has also communicated this development to its relevant shareholders via the stock exchange.
This move marks a significant positive step for the National Bank’s operations, further strengthening its global credibility.
