The Habib Bank Limited froze the accounts of Al-Rashid Trust before the abduction of Wall Street Journal reporter Daniel Pearl, and the account of Al-Akhtar Trust several years ago soon after these organisations were designated by the State Bank of Pakistan and instructions to freeze such accounts were issued to all banks, a press release said on Friday.Clarifying the bankÂ’s position on a lawsuit filed against the bank and many other defendants in the United States, the press release said Habib Bank provides services to more than 5 million customers in Pakistan and abroad. It is the largest private sector bank in Pakistan with a history of 65 years, network of over 1,400 branches and a global presence in 23 countries. The bank conducts its operations in a professional manner and complies with the laws of each country in which it operates. The bank has a strong compliance programme under which customer due diligence is strictly carried out including verification of customer credentials. It fully complies with the account monitoring and reporting requirements of the regulators in Pakistan and abroad.
The statement said that Habib BankÂ’s New York Branch is upgrading its systems and procedures and is complying fully with a written agreement with the Federal Reserve Bank of New York and the New York State Banking Department. Those agencies did not impose a fine on the Bank. The bank will vigorously contest the lawsuit, the statement added.