Banking has become a fastest growing need of the hour for decades. It helps people to secure their money with betterment and surety. There are thousands of banks around the globe that show how much important role banking plays for any country.
The banking industry of Pakistan constitutes on 31 banks, which divided into 5 public sector banks, 22 private banks and 4 foreign banks.
Pakistan banking sectors are Commercial banks, Financial banks, Islamic banks, Foreign banks, microfinance banks and development financial institutions.
State bank of pakistan – SBP is the central and main bank of pakistan. It is incorporated under the act of 1956. SBP is responsible for regulating the monetary, credit system of the country and utilization of the country’s productive resources.
These are the best banks in pakistan 2022 and are also called the top banks of pakistan.
- Habib Bank limited – HBL
- United Bank Limited – UBL
- Muslim Commercial Bank Limited – MCB
- National Bank Of Pakistan – NBP
- Meezan Bank
- Bank Alfalah,
Let’s have an overall and detailed look at their services to know why they are called best investment banks in Pakistan and made their way into the list of the best banks in pakistan 2022.
So for anyone considering banking career in Pakistan than this article is going to be too helpful for you.
1- Habib Bank Limited – HBL
Habib Bank Limited, also known as HBL has came into existence at Mumbai in 1941, founded by Muhammad Aurangzeb on the request of Quaid-e-Azam Muhammad Ali Jinnah to help Muslims based on assets. After the partition, Habib bank was the very first commercial and private bank to be established in Pakistan to lay the foundation in company.
HBL continued to grow further and keep expending more and more, but never stopping. As it opened its very first international branch in Colombo, Sri Lanka in 1951, then the HBL plaza building has opened itself in 1971.
HBL was nationalized in 1974 because of its remarkable domestic shares. HBL makes itself a trendsetter in the industry of banking with inward foreign remittances and by giving loans to small industries.
Then it again turned itself to stay a private bank in 2004 and management had led to AKFED. But here comes the turn over as Pakistan’s government divested its shareholding up to 41.5% and made it the best and Pakistan’s largest private bank.
HBL headquarter is located in Karachi and it operates through more than 1751 branches and up to 2007 ATMs across the world. And HBL provides services in the branch banking, online banking, corporate banking, retail financing, investment banking services and financial plannings. The shares of HBL are also listed in Pakistan stock exchange.
HBL has been a part of enabling the dreams of millions of people across the country. It is proven to the catalyst for change by various initiatives. They truly believe into ‘Enabling people to advance with confidence and success.’ No doubt that how they made their way into the list of the top banks in Pakistan with their hard work and by providing the carefree services as they made banking easy through their mobile app.
HBL recently won a best bank award in PBA 2021 and also proudly supporting the Pakistan pavilion in expo 2020 Dubai.
2- United Bank Limited – UBL
UBL – United bank limited a multinational commercial bank has established in 1959 by Agha Hasan Abedi. And slowly, it became the largest and oldest bank in the private sector of Pakistan.
It has approximately1390 branches, and it is presenting itself up to 19 countries. UBL offers the digital end to end best services 24/7 through world class online banking by which their clients can manage their banking through their digital mobile app in the comfort in their homes, which made it all easy and reliable.
UBL has value able client base whose patronage has made their journey through time and serves to overseas Pakistanis remitting their earnings and savings back at home safely.
The journey continues and United bank limited financial strength provides the necessary foundation for them to give continues support to its client’s needs and financial health.
UBL bank has its tagline called ‘You come first’ and they strictly stick and committed to their sayings because they really make customers their first and special priority.
UBL has won the Best bank for corporate finance and capital market development award at the Pakistan bank’s awards in 2017.
3- Muslim Commercial Bank Limited – MCB
Muslim commercial bank limited – MCB back was founded in 1947 by based in Lahore, Punjab.
And was nationalized in 1974 for government of Pakistan’s economic reform movement.
But after sometime, MCB bank again privatized itself in 1991.
The bank has 1551+ around the globe in countries, including 8 branches in different countries such as Sri Lanka, Bahrain and Dubai and 1350+ ATMs available. MCB is serving approximately 4 million customers at a time.
But MCB cut ties with the name of Muslim commercial bank back in 2005 to just being MCB bank to make their name in global markets. This step has taken due to the term Mulism particularly from west to get permission.
MCB won a ‘prestigious euromoneny’ award for best investment bank in Pakistan for 2 years continuously, back to back in 2016 or 2017.
4- National Bank Of Pakistan – NBP
National Back of Pakistan – NBP was founded by Syed Ahmed Iqbal Ashraf in 1949. Headquarter located in Karachi.
It is an independent organization and largest state-owned bank of Pakistan, it also acts as an assistant to the Central bank of Pakistan.
NBP offers Commercial banking and Public sector banking services along with consumer banking, corporate banking, investment banking, agricultural financing, Retail financing, treasury services, offering loans and saving services. Through these helpful services providing by NBP made it a best investment banks in Pakistan.
NBP has an extensive connection of 1509 branches in Pakistan and a global existence in up to 11 countries. NBP is serving their customers through 1000 plus ATMs.
NBP also plays a representative role in China and Canada through their offices. It also works as a trustee between public funds and agents to the SBP.
The major owner of NBP is State bank of Pakistan holding 75.20% voting rights according to shareholding pattern.
NBP is also playing a leading player in the debt equity market and continuously working on their vision ‘To be the nation’s leading bank enabling sustainable growth and inclusive development.’
The National bank of Pakistan has created a broad range of customer products to improve marketing and to provide much better services to society, which declares it a top bank in pakistan.
It has exclusively designed like micro finance for farming, industry and entrepreneurs
5- Meezan Bank
Meezan bank is the first Islamic bank of Pakistan founded by Irfan Siddiqui and commanced operations in 2002 after receiving a first ever Islamic commercial banking license by State bank of Pakistan.
Meezan bank also launched a Riba free car financing scheme at a same time in 2002. Moving forward, it launched Easy home, Pakistan’s first Shariah compliant housing financing scheme in 2003.
In 2007, they introduced Istisna financing to cater to the working capital needs of customers. And made its name under best investment banks in Pakistan.
It operates under the principle of IslamIC Shariah and offers product development capability, Islamic banking research, and advisory services. It also provides a large range of Islamic banking dedicated product and services through a retail banking network.
They strictly operate under their vision, which says ‘Islamic banking as banking of first choice’. It operates through corporate financing, Trading and sales, Retail banking, corporate and commercial banking, agency services and payment and settlement segments.
Meezan bank has approximately 800 branches in 240 cities of Pakistan. The branch network has supported itself through 24/7 banking services including 660 ATMs, Visa cards, Debit cards, Call centers, Online banking, Mobile app and SMS banking facility.
Meezan bank was awarded by ‘Best Islamic bank in Pakistan’ by Islamic finance news of REDmoney group, Malaysia and ‘Best Islamic financial institution in Pakistan’ by global finance magazine, New York.
And last but not the least, Meezan Bank received ‘Best Bank’ award by Pakistan bank awards in 2018.
6- Bank Alfalah
Bank Alfalah Limited formerly a Habib credit and Exchange bank, commenced its banking operations in 1997. A Pakistani retail bank which works under Emirati company Abu Dhabi group.
Bank Alfalah’s headquarter is in Karachi and it runs through the network of 700+ branches in more than 200 cities of Pakistan. Meanwhile, they also have an international presence in UAE, Afghanistan, Bahrain and Bangladesh. Alfalah bank has its representative office in Abu Dhabi as it is owned and operated by Abu Dhabi group.
Bank Alfalah is providing financial solutions to consumers, corporations, institutions and government through a broad spectrum of products and services which includes Coporate and investment banking, consumer banking and credit, securities brokerage, commercial, SME, Agricultural finance, Islamic and asset financing solutions.
Photo by Joshua Hoehne on Unsplash
And here comes the most interesting part. Bank Alfalah has collaborated with whatsapp services. An out of the box service for their valuable customers. Customers can now easily have instant response from the BAFL agents Asap through whatsapp chat by just clicking ‘Contact Us’ tab at website. It is mainly used for general query management for customer support and help as a new but oh so familiar for the customer to approach bank in most convenient timings.
Conclusion
For the past six decades, these 6 banks have making their way continuously into the list of top banks in pakistan.
The banking industry declared them as the 6 big, reliable and best banks in pakistan 2022 and the best investment banks in Pakistan.
