Askari Bank Limited has approved a capital increase for its wholly owned subsidiary, Askari Currency Exchange (Pvt.) Limited, as the bank moves to strengthen its foreign exchange operations.

According to a disclosure submitted to the Pakistan Stock Exchange (PSX), the bank’s Board of Directors approved raising the authorized capital of Askari Currency Exchange from Rs1.2 billion to Rs2 billion.

The paid-up capital of the currency exchange subsidiary will also be increased from Rs1 billion to Rs1.5 billion, representing a Rs500 million increase.

The additional capital is expected to enhance the subsidiary’s financial capacity and support its activities in Pakistan’s foreign exchange market.

Askari Currency Exchange operates as a wholly owned subsidiary of Askari Bank and provides currency exchange and related foreign exchange services.

The capital increase remains subject to completion of applicable regulatory and corporate requirements. Askari Bank, established in 1991 and listed on the Pakistan Stock Exchange, provides retail, corporate, Islamic, and digital banking services.