Top List of Banks in Pakistan
Pakistan's banking sector has witnessed tremendous growth since the country's independence in 1947. In 1947, Pakistan inherited four branches of the State Bank of Pakistan, two branches of Imperial Bank of India, and 24 branches of Commercial Banks. A good bank will provide you with the best services and deals on loans, credit cards, and other types of banking products. They should be a trusted source of information and advice and be able to help you get the most out of your money. When choosing a bank, consider which features are most important to you. Here are some of the best banks you should consider in Pakistan:
Habib Bank Limited (HBL)
Habib Bank Limited (HBL) is a Pakistani multinational commercial bank headquartered in Karachi, Pakistan. HBL is the largest private Bank in Pakistan and among the largest banks in South Asia by assets. In January 2018, HBL had 1700+ branches worldwide, out of which over 1,600 were located within Pakistan, while the remaining branches are in Hong Kong, Oman, Qatar, Switzerland and the United Arab Emirates. As of 2019, HBL had total assets worth 1 billion USD and employed 20,795 people as of 2020.
HBL’s corporate banking services include a range of products and services for business customers. These include business loans, working capital finance, credit cards, foreign exchange transactions and trade finance services. HBL also offers its corporate banking customers risk management products such as interest rate swaps and options to help them manage their finances.
National Bank of Pakistan (NBP)
Founded in Karachi in 1949, the National Bank of Pakistan (NBP) is the largest commercial bank operating in Pakistan, with 1,505 domestic and 21 overseas branches. NBP has total assets worth USD 20,2 Billion. The Bank has 15,109 total employees across all of its locations and generates $3.32 billion in sales (USD). The Bank offers a range of commercial banking services, including retail banking, corporate banking and investment banking.
Meezan Bank is a Pakistani multinational commercial bank. It is the first and largest Islamic Bank in Pakistan. Its head office is located on the I. I Chundrigar Road in Karachi, Sindh, Pakistan. Meezan Bank was incorporated in Pakistan as a public limited company on October 3, 1997, and started banking operations on April 4, 2002.
Meezan Bank offers a range of Shariah-compliant products and services, including Consumer Banking, Corporate & Investment Banking, Treasury and International Banking through its growing network of 428 branches in more than 100 cities across Pakistan, with assets of over PKR 1 trillion (USD 6 billion) and having more than 11500 employees as at 2021. As of December 2020, Meezan Bank had total assets worth Rs 1.67 trillion.
MCB Bank Limited (formerly Muslim Commercial Bank) is one of the largest banks in Pakistan, with total assets worth 96 723 billion as of 2021. The Bank has over 1,400+ branches in Pakistan and abroad, over 5 million customers, and 10,000 total employees. MCB Bank Limited is a Pakistani commercial bank with headquarters in the MCB Building in Karachi, Pakistan. It was founded by Agha Hasan Abedi, the founder of the Bank of Credit and Commerce International (BCCI), in 1947. MCB Bank provides retail banking to individuals, corporate and investment banking, asset management, insurance and Islamic finance products. It operates in three segments: Corporate Banking, Consumer Banking and Treasury Operations. Its subsidiaries include MCB Pakistan Limited, MCB Capital Markets Limited and MCB Asset Management Company Limited.
United Bank Limited
United Bank Limited (UBL) is a Pakistani commercial bank based in Karachi, Pakistan. Founded in 1959, UBL is one of the largest banks in Pakistan, with over 1,400 branches across the country and a customer base exceeding five million relationships. The Bank's core business includes retail banking, corporate banking, investment banking, treasury function, trade finance, commercial lending and specialized services for non-resident Pakistanis.
As of 2016, the Bank had total assets worth ₨1.62 trillion (US$10 billion) with more than 1500 employees across its branches and locations.
Allied Bank (ABL)
Allied Bank (ABL) is a commercial bank in Pakistan. With its registered office in Lahore, Allied Bank is one of the largest banks within the country, with over 1,400 branches overseas. ABL offers personal and corporate banking services. As of 2019, ABL had over 11,000 employees and total assets worth PKR 1.59 trillion (US$10 billion). ABL is a top tier bank offering a wide range of banking services to its corporate, commercial, SME and retail customer segments. Allied Bank Limited (ABL), having deep roots in the country's lush historical legacy, was established in Lahore in 1942 by eminent entrepreneurs Hakim Ali Jiwani, H.A. Majeed, Sheikh Abdul Waheed and Yahya Khan under the name of Australasia Bank. The Bank had Total Assets – worth Rs. 1,590 billion (2019: Rs.1,481 billion).
Faysal Bank Limited (FBL) was incorporated in Pakistan in 1994 as a public limited company. It is registered on the Karachi and Lahore stock exchanges. FBL offers corporate, commercial and consumer banking services via branches throughout Pakistan. It provides conventional and Islamic banking services via different product lines for consumer banking, corporate banking, trade finance, treasury and capital markets businesses. In addition to traditional banking products and services, the Bank also offers Islamic Banking solutions through its subsidiary Faysal Bank (Islamic Banking) Limited, which operates a separate network of branches and sub-branches throughout Pakistan. As of September 2014, Faysal bank had a network of 555 units, 3,610 employees and total assets of over PKR 601.974 billion.
Bank Alfalah is a private bank in the Islamic Republic of Pakistan owned by the Abu Dhabi Group. Bank Alfalah was incorporated on June 21 1992, as a public limited company under the Companies Ordinance 1984. Its banking operations commenced on November 1, 1997. BANK ALFALAH is one of the largest private banks in Pakistan with over 700 branches in more than 200 cities across Pakistan with an international presence in Afghanistan, Bangladesh, Bahrain and a representative office in the UAE. Bank Alfalah offers various banking services and products to individuals, corporates and SMEs in Pakistan. In addition, Bank Alfalah provides business solutions to its corporate clients through customized products and services, including transactional banking, trade finance and treasury products.
Askari Bank Ltd is a Pakistan-based commercial bank founded on January 21, 1991, by the Pakistan Army. The Bank has a network of 537 branches spread across the country and offers products and services to many customers, from individuals to large corporations. The Bank's head office is located in Rawalpindi and has regional offices in Karachi, Lahore, Faisalabad and Peshawar. AKBL also operates overseas branches in Bahrain and Qatar. As of the year ended 2009, the Bank had an estimated number of employees to be 7,279, and it also had an approximated assets net worth 77,644 billion.
Q. Is Meezan Bank Islamic Bank?
A. Yes, Meezan bank is an Islamic bank, and it is the first and largest Islamic Bank in Pakistan offering Shariah-compliant products and services.