Top Banks in Pakistan

There are seven types of banks in Pakistan namely, Public Sector Banks, Islamic Banks, Private Banks, Foreign Banks, Development Financial Institutions, Specialized Banks and Micro Finance Banks. Under these seven categories there are 54 banks in Pakistan and following are the top ten 10 biggest ones. The list and assets of these major banks in Pakistan have been given here.

Standard Chartered has been operating in Pakistan for over 140 years, with the chartered Bank first opening an office in Karachi in 1863. Today it is the largest and the oldest international bank in Pakistan with 127 branches. Its total estimated employs are over 9960 in Pakistan.

The State Bankof Pakistan is the central bank of Pakistan. Its headquarters are located in the financial capital of Pakistan, Karachi, with its second headquarters in the capital, Islamabad. In February 1994, the State Bank was given full autonomy, during the financial sector reforms. Its primary functions include issueing of notes, regulation of financial system and implementation and formulation of monetary policy. SBP has also directed the use of credit according to development priorities, providing subsidized credit.

National Bank of Pakistan maintains its position as Pakistan’s premier Bank determined to set higher standards of achievements. It is the major business partner for the Government of Pakistan with special emphasis on fostering Pakistan’s economic growth through aggressive and balanced lending policies, technologically oriented products and services offered through its large network of 1431 branches locally, 24 branches internationally and representative offices. It was established in 1949.

HBL(Habib Bank Limited) has more than 1,425 branches all over Pakistan and present in 26 countries across five continents. It has a domestic market share of over 40%. It continues sector with a major market share in inward foreign remittances (55%) and loads to small industries, traders and farmers. It is one of the largest Bank of Pakistan having total total assets of RS. 434,931,930,000.

Muslim Commercial Bank Ltd (MCB), is the largest private sector bank in Pakistan. MCB is also one of the leading banks of Pakistan with a deposit base of about RS.280 billion and total assets of around RS.300 billion. In 1974, MCB was nationalized along with all other private sector banks. This led to deterioration in the quality of the banks services like loan portfolio and other service. The Bank has a customer base of approximately 4 million and a nation wide distribution network of 1,026 branches.

Bank of Punjab was established in 1989, in pursuance of the Bank of Punjab Act 1989 and was given the status of scheduled bank in 1994. The Bank of Punjab is working as a scheduled commercial bank with its network of 272 branches in Pakistan. The Bank provides all types of banking services such as Deposit in Local currency, client Deposit in Foreign currency, Trade industry and Agriculture loaning.

Bank Alfalah Limitedis a private type bank of Pakistan that is owned by the Abu Dhabi Group. In Pakistan, The Bank became functional in the year 1997.Currently there are 238 branches of Bank Alfalah in the 75 different cities of Pakistan. Its head office is located in Karachi. The bank perceived the requirements of customers and matches them with quality products and service solutions.

Askari Bank Limitedformerly known as Askari Commercial Bank, is one of the quality banks in Pakistan. Its activities are to provide lending, depository and related financial services. As of 31 December 2008, the bank operated in 128 branches, as well as 1 offshore banking unit in Bahrain. Askari commercial Bank was incorporated in 1991 and was headquartered in Rawalpindi, Pakistan. Askari commercial Bank’s agricultural banking products and services include various finance products that include tractor finance and easy loans for farmers. As on December 31, 2007, the bank had equity of PKR 182.17 billion, with over 800,000 banking customers, services by 6,808 employees.

United Bank Limited is one of the largest private commercial bank in Pakistan with over 1000 branches and has an international presence in 10 countries. UBL has assets of over RS.550 billion and a solid track record of fifty years-in addition to the convenience of over 1112 branches serving throughout the country and also at several overseas locations. It was established in November 7, 1957. The bank offers personal banking, cash management, retail loans and other financial services.

On January 1, 2002 Al Faysal Investment Bank Limited, another group entity in Pakistan, merged into Foysal Bank Limited which resulted in a larger, stronger and much more versatile institution. It is a full service banking institution offering banking facilities to its individual and corporate customers. Faysal Bank also operates standalone Islamic banking branches under the operations of the Islamic group, which are conducted through 12 a branch offices located in all over Pakistan.