In 1991, nearly 18 years after having nationalized all the banks in Pakistan, the Government of Pakistan once again decided to allow the private sector to establish commercial banks in the country. Under the new privatization policy, One of the first licenses to set up a commercial bank was granted to the Habib Group, founders of Habib Bank Limited. In October 1991, Bank Al Habib Ltd. was incorporated as a public limited company and was quoted on the Stock Exchange. Full fledged operations as a scheduled bank commenced in January 1992, and Bank Al Habib Ltd. also became a member of the Clearing House.
The Late Mr. Hamid D. Habib, grandson of Habib Esmail, was appointed Chairman of the newly established Bank Al Habib Ltd.. Hamid D. Habib had previously served as Director of Habib Bank Limited from 1954 till the bank was nationalized. The Late Mr. Rashid D. Habib served as Managing Director and Chief Executive of Bank Al Habib Ltd. from 1991 till his death in 1994.
Like its predecessor Habib Bank Limited, Bank Al Habib Ltd. quickly established itself as a leader and trail blazer in the banking Industry , and has consistently delivered high returns on investments, steady growth, and progress within the banking sector. Bank Al Habib Ltd. has also spearheaded innovation, and has introduced several new and innovative schemes in the banking sector in Pakistan, including, Internet Banking, Islamic Banking, credit cards and travelers cheques.
Bank Al Habib Ltd. boasts an extensive network in all the major cities of Pakistan, and currently has over 165 branches, all of which are fully automated and computerized and offer a complete range of banking services. The Bank's deposits, advances, profits, foreign trade and investments and share holders equities have all registered tremendous growth since the banks inception.
As a testament to its success and prominence in the banking sector in
Pakistan, the Pakistan Credit Rating Agency Limited (PACRA) has
awarded the Bank credit ratings of AA for Long Term and A1+ for short
term. Forbes Asia listed Bank Al Habib Ltd. as among the top 200 companies of 2005 and 2006 in their annual review
Abbas Habib, is the incumbent CEO and MD of Bank Al Habib Ltd.. Qumail Habib, is the Bank's Executive Director.
Website: www.bankalhabib.com |
