Category: Habib Bank Limited

Habib Bank Limited, referred to as HBL, is a Pakistani multinational bank headquartered in Habib Bank Plaza, Karachi, Pakistan.

HBL was founded by the Khabib family in 1940 and was the first commercial bank in Pakistan. In 1951, he opened his first international office in Colombo, Sri Lanka. In 1972, the bank moved to the headquarters of Habib Bank Plaza, the tallest building in South Asia at the time. The government nationalized the bank in 1974 and privatized it in 2003; then the majority stake was acquired by the Aga Khan Economic Development Fund.

HBL is majority owned by the Aga Khan Economic Development Fund (AKFED) in Geneva, Switzerland.

As of 2018, HBL has more than 1,700 branches in more than 25 countries on four continents. It is the richest company in Pakistan and has been named the best company in Pakistan by Forbes Global 2000 many times. More than 1,700 branches.

FinCEN

HBL appeared in the FinCEN leaks published by Buzzfeed News and the International Federation of Investigative Journalists (ICIJ). I received a suspicious transaction.

HBL Asset Management Limited

HBL has obtained approval from the National Bank of Pakistan (SBP) to invest 500 million rupees in its subsidiary HBL Asset Management Limited.

Financial Results

For the fiscal year ended December 31, 2020, HBL announced consolidated profit after tax (PAT) of 309 billion rupees.

History

The first Governor of Pakistan, Mohammed Ali Jinnah, recognized the importance of financial intermediation when advocating for the creation of homes for Muslims. He persuaded the Habib family to establish a commercial bank that could serve the Muslim community. His initiative led to the creation of Khabib. In 1941, the bank was headquartered in Mumbai (now Mumbai), with fixed assets of 25,000 rupees. The bank played an important role in raising funds from the Muslim community to fund the All-India Muslim League’s movement to establish Pakistan. Before the withdrawal of British troops from British India and the subsequent division of the country, he played an important role in channeling funds to help Muslims affected by inter-communal unrest and violence.

After the founding of Pakistan in 1947, Habib Bank moved its headquarters to Karachi, the first capital of Pakistan, in accordance with the instructions of Governor Jinnah. This makes Karachi the first commercial bank in the newly established Pakistan.