By Entering the era of globalization has significantly changed economic development and market trends, leading financial institutions to face specific demands, especially in the banking industry, which is used as a cornerstone for investors to expand their business ventures.
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Meanwhile, banks are also competing to provide services to customers, including banks worldwide, such as Pakistan.
The largest bank in Pakistan is also the best bank in the developing Asian region, meeting criteria covering good asset growth, strategic relationships, profitability, competitive pricing, innovative products, and good customer service. Pakistan represents its country with the presence of the best bank in Asia.
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Largest Banks in Pakistan
1. HBL Pakistan
HBL Pakistan, formerly known as Habib Bank Limited, is now known as HBL Pakistan and is headquartered at Habib Bank Plaza, Karachi, Pakistan. HBL Pakistan, as the largest bank in Pakistan, has a vast network exceeding 1450 branches in Pakistan and 55 branches worldwide.
HBL Pakistan has a domestic market share of over 40%. This dominance continues in the commercial banking sector and has a significant market share in foreign remittances, accounting for 55%, and small business loans to industrial traders and farmers.
2. Standard Chartered Bank Pakistan
Standard Chartered Bank Pakistan is one of the largest banks in Pakistan, ranking sixth. On August 9, 2006, it announced the acquisition of 81% of Union Bank of Pakistan’s shares, valued at around $511 million. This acquisition marked the first acquisition by a foreign company under a Pakistani bank’s name.
On October 22, 2006, Standard Chartered also announced the acquisition of over 51% of Hsinchu International Bank’s shares, established in 1948 in Hsinchu, Taiwan. In 2007, Standard Chartered also opened its headquarters to operate private banking services in Singapore.
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3. MCB Bank Limited
MCB Bank Limited is a multinational commercial bank in Pakistan based in Lahore, Punjab, Pakistan. The majority of the bank’s shares are owned by Pakistani conglomerate Nishat Group and Malaysia Maybank. One of the largest banks in Pakistan, it has a network of 1600 branches with over 1450 ATMs in Pakistan, established by the Adamjee Group on July 9, 1947.
The bank was established to provide banking facilities to the business community in the South Asian region and was nationalized in 1974 during the Zulfikar Ali Bhutto government. It became the first bank to be privatized in 1991 and was bought by a consortium led by Pakistani companies, led by Nishat Group.
In June 2008, the Nishat Group acquired a majority stake in the bank, with the current president or CEO of the bank being Shoaib Mumtaz. This group is involved in domestic businesses such as textiles, banking, cement, and insurance.
4. United Bank Limited
UBL, a multinational commercial bank in Pakistan headquartered in Karachi, Pakistan, was designated as a domestic systemically important bank by the State Bank of Pakistan in 2020. It is listed on the Pakistan Stock Exchange, with the largest shareholder being the UK investment company Bestway Group, owning 61.48% of the business.
In November 2018, UBL voluntarily announced the closure of its New York branch due to commercial impracticality and officially closed its subsidiary in Switzerland on June 12, 2021, with the process completed on June 2, 2023.
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UBL announced on September 12, 2023, that the largest shareholder, Bestway Group, had submitted an indicative offer to acquire 55% of UBL’s stake in the UK joint venture with the National Bank of Pakistan.
5. Meezan Bank
Meezan Bank was selected as the best Islamic bank in Pakistan throughout 2012 and received the Best Islamic Bank Indonesia Pakistan award from Hong Kong magazine Asiamoney. This is the third time Meezan’s excellence has been recognized. The bank is respected for its commitment to quality, reliability, and innovation to satisfy customers, making 2012 a remarkable year for Meezan Bank.
Its performance showed strong business growth in 2012 and ended the year with deposits of 230 billion Pakistani Rupees. To date, it has a branch network of 310 offices in 90 cities across Pakistan.
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6. State Bank of Pakistan (SBP)
The State Bank of Pakistan (SBP) is the central bank of Pakistan and was established under the State Bank of Pakistan Order 1948. Its functions were enlarged again on January 1, 1974, when the bank was nationalized. The State Bank of Pakistan Act 1956 underwent further changes with the establishment of its operational base.
Headquartered in Karachi, the financial capital of Pakistan, which is the second-largest city in the country.
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Those are some of the largest banks in Pakistan that have expanded their businesses to several other countries to facilitate business development. Most of the major banks in Pakistan are located in the Karachi region, which is a strategic area with various large offices.
