Best Banks in Pakistan 2023
The banking sector in Pakistan has been flourishing over the past few years, and it continues to be a major contributor to the country’s economy. As more and more people are becoming financially literate, they are recognizing the importance of banking services and how they can help them manage their finances more effectively.
To cater to this growing demand, several banks have emerged in Pakistan over the years, offering a wide range of banking products and services to meet the diverse needs of their customers. These banks have become an integral part of the country’s financial landscape and are now recognized as some of the best banks in Pakistan.
The banking sector in Pakistan is thriving and continues to attract people to open bank accounts. It is difficult to manage financial transactions without a bank account, and as a result, banking has become a necessity for everyone. In this context, it is essential to know which banks in Pakistan are the best.
This article will introduce you to the top 10 banks in Pakistan and discuss their outstanding banking services in more detail. By learning about these banks, you can choose the one that best meets your financial needs.
Top 10 Banks in Pakistan
Here is the list of the top 10 banks in Pakistan as of 2023:
S.No. |
Pakistan Banks |
Founded in |
|
1 |
United Bank Limited |
1959 |
|
2 |
Standard Chartered Bank (Pakistan) Limited |
1863 |
|
3 |
Meezan Bank |
1997 |
|
4 |
National Bank of Pakistan |
1949 |
|
5 |
Bank Alfalah Limited |
1997 |
|
6 |
Habib Bank Limited |
1941 |
|
7 |
Allied Bank Limited |
1942 |
|
8 |
Bank Al-Habib Limited |
1991 |
|
9 |
Muslim Commercial Bank |
1947 |
|
10 |
Askari Bank |
1991 |
TRENDING
1. United Bank Limited (1959)
United Bank Limited (UBL) is a well-known bank in Pakistan that was founded on November 7th, 1959, just twelve years after Pakistan gained independence. Since its establishment, UBL has been providing impressive banking services and facilities to thousands of customers.
UBL is known for providing financing for various needs, including homes, cars, and businesses. With a network of 1,385 local branches spread all across Pakistan, UBL is easily accessible to customers. Additionally, UBL has up to 19 branches in different countries around the world, with over 1,120 ATMs.
With a customer count of 45,000, UBL is one of the most trusted banks in Pakistan. The current President and CEO of UBL is Seema Kamil, who is leading the bank towards greater success.
UBL’s head office is located in Karachi, which is also known as the city of lights. The city is the financial capital of Pakistan and is home to many banks and financial institutions.
2. Standard Chartered Bank (Pakistan) Limited (1863)
Standard Chartered Bank (Pakistan) Limited, or SCB, is one of the oldest banks in Pakistan that has been operating since 1863. The bank acquired Union Bank in 2006, expanding its network across the country.
SCB is unique in the sense that it was the first international bank to be awarded an Islamic Banking license in Pakistan. The bank currently employs over 3,400 people and offers a range of banking services in 11 major cities across the country.
Personal banking services offered by SCB include personal loans, deposits, mortgages, and wealth management services. The bank also offers a range of corporate banking services such as trade, lending, finance, securities, and foreign exchange services.
In addition to conventional banking services, SCB also offers a complete set of Islamic banking services to cater to the growing demand for Shariah-compliant financial products in Pakistan.
SCB is known for its quick approval and direct intermediary services, making it the preferred bank for foreign remittances and freelancers who need to make quick and hassle-free transactions. The bank operates 68 branches and has a network of over 170 onsite ATMs across 11 major cities in Pakistan.
The current CEO of Standard Chartered Bank (Pakistan) Limited is Shahzad Dada, and the bank’s head office is located in Karachi. As a customer of SCB, you can expect world-class banking services, quick transaction times, and a wide range of financial products tailored to meet your needs.
3. Meezan Bank (1997)
Meezan Bank, founded in 1997, is the largest Islamic bank in Pakistan with its headquarters situated in Karachi, in a building named Meezan House. The bank currently operates in more than 180 cities across Pakistan, with a network of over 690 branches, and employs more than 10,000 people. It has achieved a significant milestone by capturing a 35% overall share in the country’s Islamic banking industry.
Meezan Bank offers a wide range of banking products and services such as Murabaha, Ijarah, Diminishing Musharakah, Consumer Banking, and Saving Accounts. Moreover, the bank’s debit card is widely accepted on all international sites including Facebook Ads and Google Ads, making it one of the most convenient banks for online shopping in Pakistan.
The current CEO and President of Meezan Bank is Irfan Siddiqui.
4. National Bank of Pakistan (1949)
National Bank of Pakistan, established in 1949, initially had a modest operational capital of PKR 15 million. However, it has now emerged as the second-largest commercial bank in Pakistan with a market share of 13% in terms of total deposits, and consolidated assets of over US$ 2.4 trillion or US$ 21.4 billion.
NBP provides a wide range of services to its customers, including loans, modaraba, commercial and individual banking services, broking and leasing, exchanges, remittances, and investment advisory.
With a domestic branch network of over 1,450 branches and 21 overseas branches, NBP is able to provide its services to a vast number of customers. Additionally, it has a team of more than 10,000 employees who are dedicated to providing excellent services to its customers.
The current President of NBP is Arif Usmani. Under his leadership, NBP has continued to grow and provide innovative banking solutions to its customers.
5. Bank Alfalah Limited (1997)
Bank Alfalah Limited, a private limited bank headquartered in Pakistan, is owned by the Abu Dhabi Group with a majority ownership share of 58 percent. The remaining 42 percent of ownership shares are held by United Venture Holding, a Pakistani company. Established in 1997, Bank Alfalah Limited is the 7th largest bank operating in Pakistan, with over 660 branches in the country and 10 overseas branches in Bangladesh, UAE, Bahrain, and Kuwait, including seven branches in Bangladesh alone.
Bank Alfalah Limited offers a wide range of banking facilities, including investment, personal banking, corporate banking, lending, brokerage, agri-finance, Islamic banking, asset financing, and more. The bank has a large workforce of more than 7,000 employees, which is among the highest employee count of all Pakistani banks.
The bank is owned by H. Sheikh Mansour bin Zayed Al Nahyan and Javed Khalid, who are the main shareholders of the Abu Dhabi Group and United Venture Holding, respectively. The day-to-day operations of the bank are managed by Nauman Ansari, who is the CEO of Bank Alfalah Limited. Under his leadership, the bank has implemented several initiatives to improve customer experience and has expanded its digital banking services to meet the growing demand of customers for convenient and secure banking services.
6. Habib Bank Limited (1941)
Habib Bank Limited (HBL) is a commercial bank that was established in 1941, and it was the first bank in Pakistan. Its headquarters is located in Karachi, and it was moved to Pakistan from Bombay at the request of Quaid-e-Azam Muhammad Ali Jinnah during the time of independence. HBL’s landmark building, Habib Bank Plaza, was constructed in 1972 on the occasion of the bank’s 25th anniversary, which was the tallest building in South Asia at that time.
HBL is considered the largest bank in Pakistan with a network of 1,700 branches throughout the country and overseas branches in 25 countries. HBL is operated by the Aga Khan Fund for Economic Development (AKFED), which holds controlling shares in the bank.
The bank offers a wide range of banking products, including loans, savings, and consumer banking services. HBL has been recognized for its outstanding performance, and it has won several awards, including the “Best Domestic Bank in Pakistan” award by Asiamoney.
Muhammad Aurangzeb is the current CEO of Habib Bank Limited, who has extensive experience in the banking industry, having previously worked with Citibank and JP Morgan in various leadership roles.
7. Allied Bank Limited (1942)
Allied Bank Limited (ABL) is a major commercial bank that has been operating in Pakistan for over seven decades. The bank was originally established as AustralAsia Bank in 1942 and was later renamed Allied Bank of Pakistan in 1974. In 2005, Ibrahim Group acquired Allied Bank of Pakistan and renamed it to Allied Bank Limited.
Today, ABL is one of the largest banks in Pakistan with a vast network of 1,250 branches and ATMs spread across the country. The bank is committed to providing its customers with the best possible banking services, which include personal banking, business banking, and Islamic banking.
ABL’s head offices are located in Lahore, where the bank’s dedicated employees work tirelessly to maintain its reputation as a top-performing financial institution.
Tahir Hassan Qureshi serves as the CEO of Allied Bank Limited. He has extensive experience in the banking and finance sector, having held several senior positions in various financial institutions. As CEO, he is committed to driving the bank’s growth and success and ensuring that its customers receive the best possible banking services.
8. Bank Al-Habib Limited (1991)
Bank Al-Habib Limited (BAHL) is a renowned banking institution in Pakistan that operates in the capital markets and investment industry. The bank was established in 1991 by Esmail Habib, the owner of Habib Group. The head offices of BAHL are located in Multan, Pakistan.
Habib Group was the first private organization to be awarded a license to establish and operate a bank in Pakistan. Thus, Bank Al-Habib Limited or BAHL was formed.
Currently, BAHL has a vast network of 737 branches spread throughout Pakistan, including dedicated branches that solely offer Islamic banking services. In addition, the bank has three offshore branches located in Turkey, Bahrain, and an EPZ branch. BAHL also provides quick money services through its 197 ATMs located in major cities across the country.
Mansoor Ali Khan serves as the CEO of Bank Al-Habib Limited. He brings a wealth of experience in banking and finance to the table and is committed to driving the bank’s growth and success. Abbas Dawood Habib, on the other hand, serves as the Chairman of BAHL. With his vast experience and expertise, he has been instrumental in steering the bank towards achieving its strategic objectives. Together, they lead a team of dedicated employees who are committed to providing the best banking services to customers.
9. Muslim Commercial Bank (1947)
Muslim Commercial Bank (MCB) was founded in Lahore, Pakistan, in July 1947, just a month before Pakistan’s independence. Its purpose was to facilitate the business activities of South Asia. Over the years, MCB has become one of the leading banks in Pakistan, providing a range of financial services such as personal banking, business banking, corporate banking, treasury banking, and home remittances.
In 1991, the Pakistani government began a privatization drive, which led to the acquisition of a significant portion of MCB’s shares by the Nishat Group. Since 2008, Nishat Group has held the majority of MCB’s shares, enabling it to play an active role in the bank’s operations and development.
MCB has a network of over 1,100 branches across Pakistan and operates more than 1,400 ATMs in various locations. The bank employs over 8,000 individuals who work tirelessly to ensure the bank’s growth and success.
Mian Muhammad Mansha is the Chairman of Allied Bank Limited (ABL), one of the leading banks in Pakistan. Under his leadership, ABL has become a well-respected name in the banking industry and has expanded its services to meet the needs of its customers. Imran Maqbool serves as the CEO and President of ABL, leading the bank’s operations and driving its growth. With its experienced leadership team and dedicated workforce, ABL is committed to providing its customers with innovative solutions and exceptional service.
10. Askari Bank (1991)
Askari Bank Limited (AKBL) is a commercial and retail bank in Pakistan that was established in October 1991. It is owned by the Fauji Foundation group and has its headquarters in Rawalpindi, Pakistan. The bank has been recognized for its exceptional performance and has won several awards, including the “Best Retail Bank in Pakistan” award in 2004 and 2005 and the “Best Consumer Internet Banking” award in 2002 and 2003.
AKBL offers a wide range of financial services, including personal banking, business banking, Islamic banking, and home remittances. The bank has a vast network of more than 500 ATMs and 150 branches in major cities throughout Pakistan. With over 7,000 employees serving the bank, AKBL is committed to providing its customers with exceptional service and innovative solutions to meet their financial needs.
Abid Sattar serves as the President and CEO of Askari Bank Limited. Under his leadership, the bank has continued to expand its services and reach, and has remained committed to providing its customers with the best possible banking experience. As one of the top banks in Pakistan, AKBL is dedicated to upholding its reputation for excellence and maintaining its position as a leader in the banking industry.
What is the Best Bank in Pakistan 2023?
United Bank Limited (UBL) is one of the oldest and largest commercial banks in Pakistan. It was established in 1959 and has since then grown to become one of the most trusted and reliable banks in the country. UBL has a vast network of over 1,385 local branches in Pakistan, with an additional 19 branches located in other countries around the world. The bank has over 1,120 ATMs, making it easy for customers to access their accounts and carry out transactions.
UBL offers a wide range of banking products and services to cater to the diverse needs of its customers. These include personal and corporate banking, investment banking, Islamic banking, and wealth management services. The bank has a dedicated team of professionals who are committed to providing top-quality services to customers.
UBL’s digital banking services are among the best in the country, making it easy for customers to access their accounts and carry out transactions from the comfort of their homes. The bank’s mobile banking app is user-friendly and offers a range of features, including bill payments, funds transfers, and account management.
The head office of the bank is located in Karachi, Pakistan. UBL has won several awards and accolades over the years, including the Best Digital Bank in Pakistan award by Global Finance Magazine in 2020, and the Best Retail Bank in Pakistan award by The Asian Banker in 2019.
Overview of the Banking Sector in Pakistan
The banking sector in Pakistan has been growing rapidly in recent years, becoming an important player in the country’s economy. The sector is currently comprised of a mix of both local and international banks, providing a range of services to both individuals and businesses.
The State Bank of Pakistan is the central bank of the country, responsible for regulating and supervising the banking system. In addition, there are several other regulatory bodies, including the Securities and Exchange Commission of Pakistan, which oversees capital markets, and the Pakistan Credit Rating Agency, which evaluates the creditworthiness of various entities.
The banking sector in Pakistan is highly competitive, with many players vying for market share. This has resulted in the development of a range of innovative products and services, designed to meet the diverse needs of customers. These include a variety of loan products, savings and investment accounts, credit cards, and other financial instruments.
In recent years, the banking sector in Pakistan has been undergoing a process of consolidation, with many mergers and acquisitions taking place. This has led to the emergence of larger, more diversified banks, capable of offering a wider range of products and services to customers.
Overall, the banking sector in Pakistan is considered to be stable and resilient, with strong growth potential. However, there are still challenges that need to be addressed, including improving financial inclusion, enhancing the quality of customer service, and strengthening risk management practices.
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