Bank AL Habib
| Company type | Public |
|---|---|
| Industry | Banking, Financial services |
| Founded | October 1991 |
| Founder | Dawood Habib Group |
| Headquarters | Karachi , Pakistan |
Area served | Pakistan, Bahrain, Malaysia, UAE, Turkey, China, Kenya |
Key people | Abbas D. Habib (Chairman), Mansoor Ali Khan (CEO), Qumail R. Habib (Executive Director) |
| Products | Commercial banking services, Internet banking |
| Parent | Dawood Habib Group |
| Website | www |
Bank Al Habib Limited ( ) is a prominent Pakistani commercial bank based in Karachi. It stands as one of the country's largest financial institutions, operating more than 1,100 branches across Pakistan. Additionally, the bank runs wholesale branches in Bahrain and Malaysia and maintains representative offices in the UAE, Turkey (Istanbul), China (Beijing), and Kenya.
History
The Habib Group’s engagement in banking began in the 1930s. The original Habib Bank was established in Bombay in 1941 with an initial capital of 25,000 rupees. After the creation of Pakistan, Muhammad Ali Jinnah encouraged the bank to shift its base to Karachi.
Following the Pakistani government’s privatisation initiative in 1991, the Dawood Habib Group received approval to form Bank AL Habib Limited as a public entity. The company was incorporated in October 1991 and started its operations in 1992. Hamid D. Habib, grandson of the founder of the Habib Group and former chairman of Habib Bank Limited prior to nationalisation, was appointed as the inaugural Chairman. Upon his passing in 2000, Ali Raza D. Habib took over the role.
Rashid D. Habib, who had served as managing director of Habib Bank Limited before its nationalisation, became managing director and CEO of Bank AL Habib until his death in 1994. He was succeeded by Abbas D. Habib, who assumed the positions of managing director and CEO and later became chairman in November 2016.
In 2005, Bank AL Habib launched internet banking facilities. Subsequently, it acquired Centrepoint, a high-rise property in Karachi from TPL Properties. The bank broadened its international footprint by inaugurating a representative office in Kenya in 2018.
Services
The bank has correspondent banking arrangements with leading global financial institutions such as American Express Bank, USA; Banco di Roma, Italy; Commerzbank and Dresdner Bank, Germany; Royal Bank of Canada, Canada; and The Hongkong and Shanghai Banking Corporation, Hong Kong.
Subsidiaries
- AL Habib Capital Markets
- AL Habib Exchange Company Pvt LTD
Executive leadership
Past leadership includes Hamid D. Habib (Chairman until 2000), Rashid D. Habib (Managing Director & CEO until 1994), Abbas D. Habib (Managing Director & CEO until 2016 before becoming Chairman), and Ali Reza D. Habib (Chairman until 2016).
Recognition
In 2005, the bank was listed among Asia’s top 200 Best Under A Billion companies by Forbes Asia. It also received accolades from The Asian Banker for possessing the "Strongest Bank Balance Sheet in Pakistan" in 2013.