Top 10 Best Banks in Pakistan

Banking in Pakistan

The history of banking in Pakistan after independence began with the establishment of the first headquarters of the State Bank of Pakistan in Karachi. Before independence, all banking was handled by the Reserve Bank of India. The State Bank of Pakistan was the first central bank of Pakistan after which many new banks were established. Islamic banking services also started in Pakistan in the subsequent years.

Today, the Pakistani banking sector consists of foreign banks, Islamic banks, commercial banks, microfinance banks, and development financial institutions. There are a total of 31 banks in Pakistan, of which 5 are public sector, 22 are private and 4 are foreign banks.

Here we will only talk about the top ten largest banks in Pakistan as of 2022.

  • Habib Bank. 
  • National Bank of Pakistan. 
  • MCB Bank 
  • United Bank Limited. 
  • Meezan Bank
List of Top 10 Best Banks in Pakistan | Guide

Habib Bank

Habib Bank was established in 1941 by Muhammad Ali Jinnah to support Muslims living in the Indian subcontinent. Today it is considered the best and largest bank in Pakistan. HBL is headquartered in Karachi and has nearly 1,700 branches spread across the country along with more than 2,007 active ATMs. The bank also has an offshore network of nearly 25 countries spanning Europe, Asia, America, the Middle East, Africa, and Australia.

On the basis of assets, HBL comes out on top and is managed by the Aga Khan Fund for Economic Development (Aga Khan Fund for Economic Development).

The Bank operates in the following areas:

  • Corporate banking
  • banking branches
  • bank customer
  • Loans and savings
  • Small and Medium Enterprises and Investment Banking Management
  • Retail financing

National Bank of Pakistan

Established in 1949, the National Bank of Pakistan was the first major state-owned bank. It is also a partner of the Central Bank of Pakistan. Since its inception in Karachi, the headquarters is still present with around 12,000 representatives, 1,450 branches, and more than 1,000 ATMs across the cities of Pakistan. NBP also has over 21 subsidiaries worldwide with agent premises located in Canada and China.

NBP is now the second-largest commercial bank in Pakistan with a market share of around 13%.

The Bank offers the following basic services:

  • commercial banking
  • public banking sector
  • Investment advisory
  • Brokerage and leasing
  • exchanges
  • Individual banking services

MCB Bank

MCB, formerly known as Islamic Commercial Bank, is one of the oldest operating banks in Pakistan. Founded in 1947, it was later nationalized in 1974 and in 1991 the bank was privatized. MCB has been awarded twice (2016, 2017), Euromoney Award for Best Investment Banks in Pakistan.

MCB currently has 1100 branches across Pakistan, 8 branches in different countries, 14000 representatives overall, and serving nearly 4 million users. Around 2005, the bank decided to change its name to MCB to enter the global market. The reason behind this decision was the term “Muslim” in the name because it was very restrictive to obtain a license from Western countries.

United Bank Limited

In the private financial sector, UBL (United Bank Limited) is the largest bank operating in Pakistan since its inception in 1959. The bank currently has resources of over $15 billion and many representatives across the country. UBL has more than 1,380 branches and over 1,120 ATMs operating in Pakistan and 19 branches in other countries including Bahrain, Qatar, China, Oman, United Arab Emirates, the United Kingdom, Yemen, the United States, Iran, Switzerland, and Tanzania.

The bank has more than 10,000 representatives across the country and has a strong principle of serving its customers with the best banking experience.

UBL operates in the following areas:

  • Corporate banking
  • Investment banking services
  • Personal banking services
  • Treasury services
  • Moreover, bank stocks are present on all three stock exchanges of Pakistan and the London Stock Exchange.

Meezan Bank

Meezan Bank also comes in the list of best banks in Pakistan with its customer-friendly services. It is not the old bank because it was founded in 2002 and to this day they have successfully opened more than 690 branches in more than 180 cities and employ more than 10,000 people. What is impressive is that they own 35% of the shares in the Islamic banking sector in Pakistan.

MEBL provides the following services to its clients:

  • bank customer
  • leasing
  • Savings accounts
  • Murabaha
  • Diminishing participation
  • Benefits account
  • Current account balance rupees

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Al Falah Bank

Bank Al Falah was incorporated in 1997 and is an individual bank registered by the Abu Dhabi Group, with its headquarters in Karachi, Pakistan. It is currently the 6th largest bank in Pakistan. To this day, the bank has nearly 700 active branches in Pakistan. The bank has international branches in Bangladesh, Afghanistan, and Bahrain with a representative office in the United Arab Emirates. Over the years, Bank Al Falah has invested in revolutionary technology and has offered its customers a wide range of services.

The bank offers the following services:

  • Bank customer
  • Corporate banking
  • Personal banking services
  • Islamic banking services
  • treasury
  • International operations
  • Asset Management
  • Retail brokerage

Standard Chartered

Established in 1863, Standard Chartered is the largest and oldest foreign bank operating under a subsidiary of Standard Chartered Bank in the United Kingdom. The Savings and Credit Bank is one of the few international banks with an Islamic banking license in Pakistan.

Currently, it has more than 90 branches and 170+ ATMs operating in more than 11 cities in Pakistan with more than 34 thousand representatives. Just like every other major bank in Pakistan, Savings and Credit Bank is also headquartered in Karachi. The bank offers direct brokerage and express approval services and is thus known as the best bank for self-employed and foreign remittances.

The bank offers the following services to its customers:

  • Banking institutions
  • Corporate banking
  • commercial baking
  • central banking
  • Personal banking services
  • deposits
  • loans
  • Wealth management
  • Foreign exchange service
  • Mortgages

United Bank

Allied Bank was established in 1942 with Austral Asia Bank and later transformed into the Allied Bank of Pakistan from 1974 to 2005. Later it was named Allied Bank Limited which is still in existence today. The bank operates through more than 1,250 branches including 77 Islamic banking branches, one in Karachi Export Processing Zone, over 1,150 ATMs, and over 4,000 representatives across the country. Allied Bank currently has one international branch in Bahrain. Unlike others, it is headquartered in Lahore.

The United Bank has the following services:

  • Banking
  • Banking personal services
  • Islamic banking services
  • Corporate banking
  • Trade and sales
  • Investment banking services
  • Retail bank account statement

Faisal Bank

Faysal Bank was established in Pakistan in 1994 and is a subsidiary of Ithmaar Bank in Bahrain. Headquartered in Karachi, it has more than 400 branches including over 200 Islamic banking branches, across 150 cities in Pakistan and is managed by more than 3,600 representatives.

Faysal Bank offers the following services to its clients:

  • Trade and sales
  • Personal banking services
  • Corporate banking
  • commercial banking
  • corporate finance
  • Loans and savings
  • bank customer

Military bank

Finally, we have Askari Bank which deserves a place in the top 10 largest banks in Pakistan. It was established in October 1991 as a retail and commercial bank owned by the Fauji Foundation Group. The bank has won awards including Best Retail Bank in Pakistan (2004 & 2005) & Best Retail Online Banking Service (2002 & 2003) which speak for its reputation itself.

AKBL is currently headquartered in Rawalpindi, Pakistan. The bank operates through more than 150 branches and over 500 ATMs across the country with more than 7 thousand representatives and counting.

Military Bank has the following services:

  • Banking
  • Islamic banking services
  • Banking personal services
  • Home transfers
  • Resource Management
  • exchange and sales
  • Banking and credit services to customers
  • Corporate accounts project
  • Installment and settlement

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