Habib Bank of Pakistan got hit by a fine of over Rs.4000 crore by the USA banking regulator for money laundering activities. It had found 53 violations that are serious, persistent and apparently affect the entire Habib banking enterprise.
This has pushed down the stock price of DCB Bank, making it the top loser on the BSE and it lost over 6% at Rs.178.
The connection between Habib Bank and DCB Bank? The Aga Khan Foundation for Economic Development (AKFED), owns 51% stake in Pakistan’s largest bank and it holds 14.22% stake in DCB.