PACRA Maintains Broker Management Rating of Habib Metropolitan Financial Services Limited - Press Release issued by The Pakistan Credit Rating Agency Limited.
Lahore -- October 31, 2022 (PPI-OT)
Following is the text of press release issued by The Pakistan Credit Rating Agency Limited (PACRA)
Quote
Habib Metropolitan Financial Services Limited ("HMFSL" or the "Company") is a public unlisted company primarily providing the services of equity brokerage to HNWIs and corporate/institutional clients. The Broker Management Rating reflects the Company's association with a well-established bank, one of the banking sector's dominant players. The rating incorporates the Company's sponsor support, experienced management team, and the availability of a client services platform with quality research available to customers. The governance framework is considered satisfactory; however, the formation of board-level audit and risk management committees and the inclusion of independent directors with relevant experience would strengthen corporate governance.
The Company has a lean organizational structure to manage its operations. The assigned rating also takes into account sound internal controls with adequately documented and disseminated internal policies. The Company has an in-house internal audit department, which ensures the implementation of the policies and procedures. The Company has established rigorous protocols regarding risk assessment by implementing KYC, CDD, AML, CFT, and whistle-blowing policies. The appointment of auditors from SBP's approved 'A' category list has strengthened the transparency.
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