Pakistan, May 1 -- The Board of Directors of Habib Bank Limited, one of the country's largest commercial banks, has approved an equity investment of Rs6 billion (~$21.5 million) in its subsidiary, HBL Microfinance Bank Limited (HBL MfB). HBL announced the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. "We hereby convey that the Board of Directors of Habib Bank Limited has approved an equity investment of up to Rs6 billion in its subsidiary namely HBL Microfinance Bank Limited, in compliance with all regulatory requirements and the approval of the shareholders of the bank," read the notice.

Formerly the First MicroFinanceBank Ltd, HBL Microfinance Bank Ltd is the largest microfinance bank of Pakistan. HBL MfB o...