Bank Al Habib Limited (Urdu: بینک الحبیب) is a Pakistani commercial bank owned by the Dawood Habib Family and is based in Karachi, Pakistan. It is one of the largest banks in Pakistan.[2] It has wholesale branches in Bahrain and Malaysia and offices in UAE, Turkey (Istanbul), China (Beijing), and Kenya.
 | |
 Headquarters of Bank AL Habib on I.I. Chundrigar Road in Karachi | |
| Company type | Public |
|---|---|
| PSX: BAHL KSE 30 component | |
| Industry | Banking |
| Founded | February 1991 |
| Founder | Hamid D. Habib |
| Headquarters | Karachi-74000, Pakistan |
Number of locations | 1,113[1] (2023) |
Key people | |
| Products | Loans, credit cards, savings, consumer banking |
| Revenue |  Rs. 147.37 billion (US$510 million)[1] (2023) |
| Rs. 71.12 billion (US$250 million)[1] (2023) | |
| Rs. 35.31 billion (US$120 million)[1] (2023) | |
| Total assets | Rs. 2.74 trillion (US$9.5 billion)[1] (2023) |
| Total equity | Rs. 111.89 billion (US$390 million)[1] (2023) |
| Owner | Dawood Habib Family |
Number of employees | 20,628[1] (2023) |
| Website | bankalhabib |
History
editHabib Group's involvement in banking services dates back to the 1930s. The original Habib Bank began modestly in Bombay in 1941 when it commenced operations with a fixed capital of 25,000 rupees. Impressed by its initial performance, Muhammad Ali Jinnah asked the Habib Bank to move its operations to Karachi after the independence of Pakistan.
After the privatisation scheme was announced in 1991 by the Pakistani Government, Habib Group was the first to be granted permission to start a private bank, the Bank AL Habib Limited.
Under the privatisation policy of the Government of Pakistan, the Dawood Habib Group was granted permission to set up a commercial bank. Bank AL Habib was incorporated as a Public Limited Company in October 1991 and started banking operations in 1992. (Late) Hamid D. Habib, grandson of the founder a Habib Group, was the first Chairman of Bank AL Habib Limited. He was a Director in Habib Bank Limited from 1954 and its chairman from 1971 until nationalisation. After the death of Hamid D. Habib in May 2000, Ali Raza D. Habib, who was Director on the Board, was appointed the Chairman of the Bank.
Rashid D. Habib, who was the managing director of Habib Bank Limited from 1953 until its nationalisation, was appointed as the managing director and chief executive of Bank AL Habib Limited until he died in 1994. After his death, Abbas D. Habib who was the joint managing director and closely associated with the bank since its inception in 1991, was appointed as the managing director and Chief Executive of the Bank. On 1 November 2016, he was appointed as chairman.[3]
In 2005, Bank AL Habib began offering internet banking, with accounts and records visible online. Bank AL Habib has decided to purchase from TPL Properties, Centrepoint, a high-rise building in Karachi.[4]
In 2018, Bank AL Habib expanded its operations and opened a representative office in Kenya.[5]
Services
editThe bank maintains correspondent relations with American Express Bank, USA; Banco di Roma, Italy; Commerzbank and Dresdner Bank, Germany; The Royal Bank of Canada, Canada; and The Hongkong and Shanghai Banking Corporation, Hong Kong.
Subsidaries
edit- AL Habib Capital Markets
- Al Habib Exchange Company (Pvt) Limited
Executive leadership
editFormer Chairmen and Chief Executives of Bank AL Habib Limited include: Hamid D. Habib, Chairman (till 2000), Rashid D. Habib, CEO & Managing Director (till 1994), Abbas D. Habib CEO & Managing Director (till 2016 due to becoming Chairman) and Ali Reza D. Habib, Chairman (till 2016).
Recognition
editThe bank was selected as one of the top 200 Best Under A Billion companies by Forbes Asia in their annual review of 2005.
The Asian Banker "Strongest Bank Balance Sheet in Pakistan, 2013".
References
edit- ^ a b c d e f g "Bank Al Habib Annual Report 2023" (PDF). bankalhabib.com. Retrieved 26 March 2024.
- ^ "What pandemic? Bank AL Habib crosses Rs1 trillion in deposits". Profit by Pakistan Today. September 19, 2020.
- ^ "Board of Directors".
- ^ Ali, Meiryum (2020-08-20). "Bank Al Habib to buy high-rise Centrepoint in Karachi". Profit by Pakistan Today. Retrieved 2020-09-26.
- ^ https://profit.pakistantoday.com.pk/2018/04/19/bank-al-habib-expands-into-kenya-opens-representative-office/ [bare URL]