Pakistan is a country in the world where banking sector is seeing the enormous growth with the rapid speed.
The banking sector’s growth is increased to almost of its double thanks to the customers’ deposits, foreign remittances, ease of banking transactions, accessibility to mobile-based banking accessibilities, and other impacting financial indicators.
But Moody’s has something different from the above scenario which we have framed.
Moody’s, the international credit rating institute, which analyzes and sets the ratings depending upon the performance of country’s bond credit ratings through performance, governmental-operated State Banks’ policy rates, and the risk mitigation of the government and commercial-backed bonds.
And Moody’s rates Pakistan to B3 (with Negative trend) which is indeed at the alarming stage and requires the immediate corrections to improve the credit ratings — And, to not get it fall more from its current level.
Best banks in Pakistan in 2020
Still and for many reasons, the banking sector is still booming throughout Pakistan and inciting the people to get up and banking.
If there is a claim to make, you cannot operate freely with your financial situations without having the bank accounts.
For that, we should know which best of the banks we got which we may really call out as the best banks in Pakistan.
Keep up with me and I would like to introduce you with the even best banks that are operating in Pakistan, and providing the best banking facilities that are indeed up in the class.
Let’s get to know the names of the 11 best banks in Pakistan first and we will explore more about them in detail;
United Bank Limited – UBL
The one renowned Pakistani bank is named United Bank Limited and in short, UBL.
Being established on November 7th, 1959 and just twelve years after the independence of Pakistan.
Since the time, UBL is servicing the thousands of customers with its impressive set of banking services and facilities.
Want a home or a car? Or need the funds for starting business; UBL has got your covered from every angle.
Operating with the network of 1,385 local branches spread all around the Pakistan with up to 19 branches situated in different countries around the globe with over 1,120 ATMs.
And the customer count hitting the mark of 45,000 that makes it one of the trusted banks operating in Pakistan.
Current President and CEO of United Bank Limited or UBL
UBL Head Office
UBL head office is located in Karachi, the city of lights.
Standard Chartered Bank (Pakistan) Limited – SCB – Best Bank for Foreign Remittances & Freelancers
Standard Chartered Bank (Pakistan) Limited or SCB which is the Pakistan’s oldest operative bank dates back to the year 1863 since its inception.
Btw, this is my personal favourite Bank.
In year 2006, Standard Chartered Bank had acquired the-then Union Bank and got merged with to expand its network across the country.
SCB has the record of being awarded with the Islamic Banking license ever granted to any international banking institute operating in Pakistan.
Currently, Standard Chartered Bank (Pakistan) Limited has the employee count of up to 3,400 people and operating its finest banking services in 11 major cities of Pakistan.
The services SCB offers are to facilitate;
- Common men with ranges of personal loans, deposits, mortgages, and wealth management
- Corporate clients with trade, lending, finance, securities and foreign exchange services
- And complete set of Islamic Banking services to take advantage of.
With its quicker approval and direct intermediary services, it is known as Best Bank for Foreign Remittances & Freelancers due to quicker transactions with no extra charges.
Now, SCB operates with 68 branches in 11 major cities of Pakistan with a network of over 170 onsite ATMs.
Current CEO of Standard Chartered Bank (Pakistan) Limited or SCB
SCB (Pakistan) head office
Meezan Bank – MEBL – Best Bank for Online Shopping
Meezan Bank or MEBL, one another famous bank of Pakistan which is also the first and the largest Islamic bank ever, is headquartered in Karachi in its dedicated building named the Meezan House.
The bank was commenced in the year 2002 and by far, it operates in 180+ cities around Pakistan with much over 690 branches that provide jobs to 10,000+ people.
Another milestone that Meezan Bank achieved, is having 35 percent overall share in Islamic banking industry of the country.
The key products Meezan Bank provides, are the following:
- Diminishing Musharakah
- Consumer Banking
- Saving Accounts
The debit card of Meezan banks are extremely good and are accepted on all international sites including Facebook Ads & Google Ads which is why i consider it as one of the Great Banks for Online Shopping in Pakistan.
CEO and President of Meezan Bank or MEBL;
National Bank of Pakistan – NBP
The year 1949 was the time when National Bank of Pakistan emerged as the state-owned bank with the operational capital of mere PKR 15 million.
NBP has now being operated as the second-largest commercial bank of Pakistan that has a 13 percent market share in terms of total deposits with well over US$ 2.4 trillions or US$ 21.4 billions as the consolidated assets in the name of NBP.
The core services NBP provide are the loans, modaraba, commercial and individual banking services such as broking and leasing,, exchanges, remittances, and investment advisory.
Stats for National Bank of Pakistan (NBP)
- Domestic branches network = More than 1,450
- Overseas branches = 21
- Number of employees = More than 10,000 people
Current President of NBP
Bank Alfalah Limited – BAFL
Bank Alfalah, as the name states, is the private limited bank located in Pakistan but is owned by the Abu Dhabi Group with the ownership shares of 58 percent.
The second owning group which holds up to 42 percent of ownership shares is United Venture Holding from Pakistan.
Founded in the year 1997, Bank Alfalah Limited becomes the 7th largest bank operating in Pakistan with well over 660+ branches along with 10 overseas branches located in Bangladesh, UAE, Bahrain, and Kuwait where seven branches alone are found in Bangladesh.
Bank Alfalah Limited offers the many banking facilities that comprise upon investment, personal banking, corporate banking, lending, brokerage, agri-finance, Islamic banking, asset financing, and more.
The employee count that works in Bank Alfalah Limited goes to up to 7,000+ people that hits the one highest number which just a few Pakistani banks hardly touch.
Who runs Bank Alfalah Limited?
- H. Sheikh Mansour bin Zayed Al Nahyan (Owner)
- Javed Khalid (Owner)
Habib Bank Limited – HBL – Biggest Bank in Pakistan
Established in 1941, Habib Bank was the famous and the first bank of Pakistan under the commercial banking industry.
And at the time of indendence of Pakistan, Quaid-E-Azam Muhammad Ali Jinnah requested the top management of Habib Bank Limited to move its bank to Pakistan which they did and brought the business in Pakistan and to the city of Karachi.
At the 25th anniversary of in 1972, that was the same year when HBL moved into its own premises named Habib Bank Plaza which was the tallest building in the entire South Asian region and Pakistan as well.
HBL operates with 1,700 branches nationwide and with the network of overseas branches spanning into 25 countries. This is why, it is known as Biggest Bank of Pakistan.
HBL makes it to the list of largest banks operating in Pakistan by assets and is operated by the Aga Khan Fund for Economic Development or AKFED with having the controlling shares in pocket.
The key banking products HBL deals into;
- Consumer banking
The current CEO of HBL or Habib Bank Limited
Allied Bank Limited – ABL
At first, Allied Bank was introduced into the banking industry in the year 1942 with the name of AustralAsia Bank and ten it was renamed Allied Bank of Pakistan in 1974.
And by the year of 2005, the acquisition of Allied Bank of Pakistan by Ibrahim Group, then it was again renamed to Allied Bank Limited.
ABL operates with 1,250 branches and ATMs across Pakistan to provide the best accessibility to its customers.
The core services ABL provide are;
- Personal Banking
- Business Banking
- And… Islamic Banking
ABL has its headquarters situated in Lahore.
CEO of Allied Bank Limited or ABL
Tahir Hassan Qureshi.
Bank Al-Habib Limited – BAHL
Now yet another bank that we have in our list of best banks in Pakistan, is undoubtedly Bank Al-Habib Limited or BAHL.
Bank Al-Habib Limited falls under the banking industries of capital markets, and investments.
While it has its head offices placed in Multan and the bank was commenced in the year 1991 by the hands of Esmail Habib, the owner of Habib Group.
Habib Group was the first-ever into the banking industry who were awarded to start and operate a private bank and named Bank Al-Habib Limited or BAHL.
Bank Al-Habib Limited has the network of 737 branches including the set of branches that work solely for the Islamic banking, and three offshore branches situated in Turkey, Bahrain, and one in EPZ or (export processing zone) branch.
And BAHL is providing the quick money services through 197 ATMs location that you can find in most major cities.
CEO and Chairman of Bank Al-Habib Limited
- Mansoor Ali Khan, the CEO of BAHL
- Abbas Dawood Habib, Chairman of BAHL
Muslim Commercial Bank – MCB
Just a month ago from Pakistan’s independence, and the month of July in the year 1947 was the time when Muslim Commercial Bank or MCB commenced.
Having its headquarters located in the city of Lahore, the bank was used to facilitate the business circle of South Asia.
The privatization spree that began in 1991, that made the way to purchase the big chunk of share in MCB by Nishat Group where Nishat Group was able to acquire the majority of shares since 2008.
Since then, MCB is providing the financial services in the name of personal, business, corporate, treasury, and home remittances to facilitate the economy of Pakistan.
Bank owns about 1,100+ branches throughout the country and handling more than the network of 1,400+ ATMs found in the different locations.
The bank gets operated with the count of 8,000+ employees that are continuously investing their time and efforts to progress the bank.
Chairman and CEO of Allied Bank Limited
- Mian Muhammad Mansha, the Chairman of ABL.
- Imran Maqbook, CEO and President.
Askari Bank – AKBL
Askari Bank comes at the 10th place in the list of best banks in Pakistan that we are compiling but wait…
The placement of the banks on the stairs of numbers does not mean they are put there for the specific reason but they are done randomly… 🙂
AKBL was incepted back in October, 1991 as the commercial and retail bank and is owned by the Fauji Foundation group.
The performance of the bank can be observed by looking at its winning awards where it had won “Best Retail Bank in Pakistan” in 2004 and 2005 while it won “Best Consumer Internet Banking” award in 2002 and 2003.
Being headquartered in Rawalpindi, Pakistan; the bank owns the network of 500+ ATMs locations and 150+ branches in major cities with the employees count nearing to about 7,000+ serving the bank.
While Askari Bank Limited deals with the financial services, such as;
- Home remittances
President and CEO of AKBL or Askari Bank Limited
Faysal Bank Limited
The mixture of Islamic and commercial banks, the new entrant named Faysal Bank Limited emerged into the Pakistan’s banking industry in the year 1994 and is a subsidiary of Bahrain-based Ithmaar Bank.
Faysal Bank Limited runs with 450+ branches in around 150 cities of Pakistan that includes the 200+ mark of branchless of Islamic.
The bank then provides the best services in the domain of corporate, investment, consumer banking, loans, and savings.
With its headquarters located in Karachi, Pakistan and is driven by the CEO and President of Faysal Bank Limited named Yousaf Hussain.
FAQ on Banks in Pakistan
Which is the first bank in Pakistan?
State Bank of Pakistan which was inaugurated on 14th August, 1947 is the oldest and first bank in Pakistan.
Which bank have most branches in Pakistan?
HBL has the most number of branches.
Which is the most known Islamic Bank in Pakistan
Meezan Bank has gained credible authority and is being widely known as most known Islamic Bank in Pakistan.
Which is the largest bank in Pakistan?
Habib Bank Limited, founded in 1941 is the largest bank in Pakistan.
Which is Best bank in Pakistan for overseas pakistani?
I believe HBL And Standard Chartered are best due to their direct intermediary services.
Best Bank in Pakistan for Foreign Currency
My vote for the top bank for foreign currency goes to Standard Chartered Bank, Pakistan.
What is best bank in pakistan for saving account
MCB (Muslim Commercial Bank) and HBL (Habib Bank Limited) are good for saving accounts.
What is the interest rate in Pakistan?
Most Efficient banks in pakistan
- Standard Chartered
- Al Habib
- Meezan Bank
The conclusion time!
Banks are the backbone of the economy. They are just not used by the people connected to the corporate and business industries, but they actually have become the necessity of common people.
Make sure to have the bank accounts opened in these 11 best banks in Pakistan.
And they are NOT just famous from the names but they do brilliant!
Get to see which ones suit you and choose one of the best banks operating in Pakistan!