The banking sector is crucial for any economy, and Pakistan’s banking industry comprises 31 banks. The best banks in Pakistan include 5 public sector banks, 22 private banks, and 4 foreign banks. They are renowned for their excellent customer service, and expansive networks. Also, they are easy to access as they provide a wide range of products and services.
Moreover, the top banks have high financial stability ratings, demonstrating their preparedness for potential economic downturns. Graana.com has prepared a comprehensive list of the top banks in Pakistan below.
List of Best Banks in Pakistan
The following is the list of the best banks in Pakistan:
- Habib Bank Limited (HBL)
- Muslim Commercial Bank
- The National Bank of Pakistan
- United Bank Limited
- Allied Bank Limited
- Bank Alfalah Limited
- Standard Chartered
- Askari Bank
- Faysal Bank Limited
Habib Bank Limited (HBL)
Habib Bank Limited is a renowned multinational bank headquartered in Habib Bank Plaza, Karachi, Pakistan. With a workforce of over 24,000 employees, HBL operates a network of more than 1,700 branches across Pakistan.
Established in 1939 by the Habib family, it was the first commercial bank in Pakistan. Since then, the bank has expanded its reach, opening its first international branch in Colombo, Sri Lanka, in 1951. The bank moved its headquarters to the iconic Habib Bank Plaza in Karachi in 1972.
HBL is a full-service commercial and investment bank in Pakistan with a strong presence in the following areas of operation: branch banking, corporate and investment banking, treasury, SME and rural banking, financial institutions and global trade services, transaction banking, and Islamic banking.
HBL has over 2,100 ATMs globally, serving more than 27 million customers across 25 countries on four continents. The bank has repeatedly been recognised as the top Pakistani company in the Forbes Global 2000 and is also the largest company in Pakistan in terms of assets. It has also made history by being the first Pakistani bank to open a branch in Beijing.
Muslim Commercial Bank
MCB Bank Limited is a commercial bank in Pakistan that has a vast network of 1,600 branches that are located across the country. The bank’s headquarters are situated in Lahore, and it offers a range of banking and financial services to both retail and corporate customers.
Initially established to cater to the business sector of South Asia, the bank came under government control in 1974. It was later privatised in 1991. The MCB group has diversified interests in various business sectors of Pakistan, including banking and insurance.
In line with the growing demand for Shariah-compliant banking, MCB Bank has established an Islamic Banking unit that offers a range of Shariah-compliant products and services. Specialised Islamic banking branches have been set up in six different cities in Pakistan.
The National Bank of Pakistan
The National Bank of Pakistan (NBP) is a Pakistani government-owned commercial bank and a subsidiary of the State Bank of Pakistan, with assets of around USD 20.2 billion and a network of 1,511 branches across the country as of September 2020.
NBP offers a range of commercial and public sector banking services, which include debt-equity market, corporate investment banking, retail and consumer banking, agricultural financing, and treasury services. The bank was designated as a domestic systemically important bank (D-SIB) by the State Bank of Pakistan in 2020.
United Bank Limited
UBL is a major commercial bank operating in Pakistan with a network of over 1,400 branches in the country and 19 branches overseas. It serves more than 4 million customers worldwide and has assets exceeding $15 billion. Headquartered in Karachi, Pakistan, the bank is a subsidiary of the British company Bestway Group.
UBL offers a wide range of banking services in both wholesale and retail banking, with a presence in 12 countries across four continents, including the UAE, Bahrain, Qatar, Yemen, UK, Switzerland, China, Oman, US, Tanzania, Iran and Pakistan.
UBL earned recognition as Pakistan’s ‘Best Bank for Corporate Finance & Capital Market Development’ at the Pakistan Banking Awards in 2017. Additionally, it is considered a pioneer in branchless banking in the country, and its UBL Omni platform provides 24/7 access to customers globally.
Allied Bank Limited
Allied Bank Limited, a subsidiary of the Ibrahim Group, is one of Pakistan’s largest commercial banks. Headquartered in Lahore, the bank has a network of over 1,400 branches and ATMs across the country, offering a range of full-service commercial banking services.
The bank’s history dates back to 1942 when it was founded as Australasia Bank. It was renamed Allied Bank of Pakistan in 1974, following the merger of Sarhad Bank Ltd, Lahore Commercial Bank Ltd, and Pak Bank Ltd. Some of the services it provides include utility bills payment, IBAN, Allied Banker’s Cheque, PRISM, e-PRC Issuance, and e-PRC Verification.
Bank Alfalah Limited
Bank Alfalah Limited, previously known as Habib Credit and Exchange Bank, is a major retail bank in the country. It is owned by Abu Dhabi United Group, an Emirati company. With over 779 branches spread across more than 200 cities in Pakistan, and an international presence in 12 branches in Bangladesh, Afghanistan, Bahrain, and the UAE, Bank Alfalah is one of the largest private banks in the country.
The bank offers a wide range of financial products and services to individuals, businesses, institutions, and governments. These include corporate and investment banking, consumer banking and credit, securities brokerage, SME and agri-finance, Islamic and asset financing, treasury, and Islamic banking.
Standard Chartered
Standard Chartered Bank (Pakistan) Ltd. is the largest and oldest foreign bank operating in Pakistan, and it holds the distinction of being the first international bank in the country to receive an Islamic banking licence and open an Islamic banking branch.
The bank offers a diverse range of services to its customers, catering to both retail and corporate/institutional banking segments. The retail banking arm provides home loans in Pakistan, credit cards, mortgages, deposit-taking facilities, and wealth management services to individuals.
The corporate and institutional banking division offers a broad range of services, including trade finance, transactional banking, lending, securities services, foreign exchange, debt capital markets, and corporate finance. Additionally, it has a full suite of Shariah-compliant banking products and services under the Standard Chartered Saadiq brand.
Standard Chartered is a leading British banking and financial services company that operates in more than 70 countries worldwide. With a strong emphasis on delivering exceptional customer service, the bank employs approximately 87,000 people across its extensive network of branches and outlets.
Askari Bank
Owned by the Fauji Foundation, Askari Bank Limited is a prominent commercial and retail bank in Pakistan that focuses on providing modern banking services. It offers Internet banking (which is free for its customers) and is the first bank in Pakistan to offer this service. It includes features such as account statement and balance inquiries, funds transfers, bill payments, and more.
Faysal Bank Limited
Faysal Bank Limited, a subsidiary of Ithmaar Bank in Bahrain, is a major commercial bank in Pakistan that provides services in commercial, retail, corporate, and Islamic banking.
With over 550 branches across 200 cities, including 414 Islamic branches, the bank has total assets of over 601.974 billion Pakistani rupees. Faysal Bank’s aim is to become a leading provider of Shariah-compliant products and services to its customers.
Frequently Asked Questions
What are the best banks in Pakistan?
These banks include the National Bank of Pakistan, Habib Bank Limited, MCB Bank Limited, United Bank Limited, and Allied Bank Limited, among others.
What type of services do these banks offer?
These banks offer a range of services, including:
- Corporate and investment banking
- Consumer banking
- Islamic banking
- Cash management
- Digital banking solutions (such as online and mobile banking).
Are these banks regulated by the State Bank of Pakistan?
Yes, all banks operating in Pakistan are regulated by the State Bank of Pakistan. These banks are responsible for maintaining the stability of the country’s financial system.
Is it safe to do business with these banks?
Yes, these banks are considered safe to do business with as they are regulated by the State Bank of Pakistan. It has a strong reputation in the market.
How can I open an account at one of these banks?
To open an account, you will need to visit the bank’s branch office with the required documents. These documents national identity card, proof of address, and other relevant documents as per their requirements.
Can I perform transactions online or via mobile banking?
Yes, most of these banks offer digital banking solutions, such as online banking and mobile banking. This allows customers to perform transactions on the go.
Are these banks accessible throughout Pakistan?
Yes, these banks have a wide network of branches and ATMs throughout Pakistan.
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