KASB Securities assures business as usual

November 17, 2014

PR

ISLAMABAD: Since the imposition of a six month moratorium on KASB Bank Limited (KBL) by the Federal Government and the State Bank of Pakistan (SBP), KASB Securities Limited (KSL), which is the leading securities firm, is working with all stakeholders to allow relaxation to KSL, as a depositor of KBL, from the SBP notification in the larger interests of Pakistan’s capital markets. KSL has assured its domestic and international clients that business will continue as usual and their funds and shares lying with KSL are completely safe.

KSL uses KBL for majority of its banking arrangements, including daily clearing through the National Clearing Company of Pakistan Limited (NCCPL) for all transactions executed on the Karachi Stock Exchange (KSE) through KSL. The SBP notification is not an action against KSL; it simply affects every individual and institution that has a bank account with KBL.

KSL is the leading securities firms having offices in 10 cities across Pakistan and catering to over 22,000 retail / institutional domestic & international clients. KSL is Bank of America Merrill Lynch’s exclusive partner in Pakistan since 1994. It is the market leader in the domestic equities market, with market share of more than 15% of all trades executed on the KSE over the last 5 years. It’s market share is more than 20% of all foreign trades executed.  KSL has been awarded AsiaMoney’s ‘Best Equities House in Pakistan for the period 1990-2013. This is in addition to numerous domestic and international awards and recognitions in brokerage, research and investment banking that KSK has received over the years.