The South Asian Times

22 September 2017 09:37 AM

HAB Bank is not affiliated with habib bank limited (HBL)

"In light of recent news regarding HBL, HAB Bank, strongly affirms it has no direct, indirect or any affiliation whatsoever or shared ownership with Habib Bank Limited, a Pakistan-based financial institution with an office in Manhattan", as stated in a press release issued by HAB Bank, New York. 

The release further stated that HAB Bank is a U.S.-based community bank headquartered in Manhattan with FDIC membership. HAB Bank has no operations outside the US.  The institution has operated continuously and successfully since its original incorporation in 1983 and has branches in NY, NJ and CA.

“HAB Bank proudly serves our consumer and commercial banking customers in the New York Tri-state area and California for over three decades,” said Saleem Iqbal, President and CEO of HAB Bank.

We reached out to HAB Bank’s President & CEO Mr. Saleem Iqbal to seek clarification on the penalties assessed by the New York State against Habib Bank Limited. In an exclusive interview with this newspaper, Mr. Iqbal answered a series of questions clarifying HAB Bank’s position. on the whole matter and reiterated the fact that HAB Bank has no affiliation, direct or indirect, with Habib Bank Limited or HBL. 

Reporter: What is the difference between HAB Bank and Habib Bank Limited or HBL?

Saleem Iqbal: HAB Bank is a US chartered, FDIC Insured bank with branches in three states. Our charter dates back to 1983. Habib Bank Limited on the other hand is Pakistan based foreign bank with a branch in New York City. As we have categorically stated over the last so many years, HAB Bank is not affiliated in any manner whatsoever with Pakistan based Habib Bank Limited or HBL. 

Reporter: How does this action by the NY regulator impact you?

Saleem Iqbal: This has no impact on HAB Bank, we are two different banks. 

Reporter: How do you safeguard and protect your bank from such matters?

Saleem Iqbal: HAB Bank, from day one of its inception, has built a strong culture of compliance. We recognize that banking industry in our country is highly regulated and there are number of federal as well as state laws that applies to us as a community bank. We have a top-down approach in complying with various regulations including Anti Money Laundering laws currently in place. Our frontline personnel are fully aware of such laws and trained by the Bank on an ongoing basis. Then there is active oversight by the senior management and the board of directors in addition to an extensive risk management framework. 

Reporter:  What does future hold for HAB Bank? 

Saleem Iqbal: 

The Bank has shown steady and consistent growth; we are one of the largest South Asian-American banks in the US with assets over $1.3 billion with branches in three states. We were one of the few community banks in the US which remained unscathed and actually grew during the Great Recession, which started in 2007. We will continue to grow and to serve the banking needs of the South Asian community in the US. 

HAB BANK was incorporated in 1983 as a New York State Chartered Bank. HAB is a member of the Federal Deposit Insurance Corporation (FDIC), and holds $1.3 billion in assets as of June 30, 2017. Headquartered in New York, the Bank and besides Manhattan maintains branches in, Jackson Heights, Richmond Hill, Hicksville in NY, Iselin in NJ, Artesia and Downtown Los Angeles in CA. 

For further information, please visit HAB Bank’s website at www.habbank.com and Click on "Important Announcement".

Update: 13 Sep, 2017

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