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Habib Bank Limited

Pakistani multinational banking company

Habib Bank Limited is a Pakistani commercial bank headquartered in Karachi, Pakistan.

History

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HBL is the first commercial bank in Pakistan, having been founded in 1941 by the Habib Family. Its first overseas location opened in Colombo, Sri Lanka, in 1951. The Aga Khan Fund for Economic Development obtained a majority stake and administrative control in the bank when it was nationalized by the government in 1974 and then privatized in 2004.[1]

The Aga Khan Fund for Economic Development (AKFED), headquartered in Geneva, Switzerland, owns a significant stake in HBL.[2] HBL branches also exchange foreign currency, initiate SWIFT and FEDWIRE transfers, and facilitate RAAST real-time money transfer transactions.[3]

Habib Bank Limited was established as a public limited company in Bombay in 1941 by the Habib family, previously engaged in internal trade and private banking.[4]

In early 1947, the bank's headquarters were relocated to Karachi on August 7, 1947, just before the Partition of India.[4]

The Habib family owned and managed the bank until the Pakistan government nationalised it on 1 January 1974. The Habib family received compensation of PKR 36.31 per share from the Government of Pakistan and subsequently the bank was delisted from the Karachi Stock Exchange.[5]

In 2002, Pakistan's Privatisation Commission announced that the Government of Pakistan would grant the Aga Khan Fund for Economic Development (AKFED), a subsidiary of the Aga Khan Development Network, majority ownership of HBL against AKFED's investment in the bank.[6]

In 2003, the Government of Pakistan granted AKFED rights to 51% of the shareholding in the bank against an investment of PKR 22.409 billion (US$389 million).[7]

In 2004, the Government of Pakistan handed over management control of Habib Bank to AKFED.[8]

In 2013, the bank acquired Citibank Pakistan consumer business for Rs. 2 billion.[9]

In 2015, the bank acquired Barclays's Pakistan operations.[10]

In 2016, HBL received a Licence to operate a subsidiary in Ürümqi, Xinjiang.[11][12]

In 2020, HBL was designated one of the domestic systemically important banks (D-SIB) of the year by the State Bank of Pakistan.[13]

Corporate governance

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Board of Directors[14]
Name Position
Sultan Ali Allana Chairman of the board
Moez Ahamed Jamal Director
Shafiq Dharamshi Director
Salim Raza Director
Najeeb Samie Director
Saba Kamal Director
Khaleel Ahmed Director

List of CEOs

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  • R. Zakir Mahmood (2000 – September 28, 2012)[15]
  • Nauman K. Dar (September 28, 2012 – December 31, 2017)[16]
  • Rayomond Kotwal - Interim CEO (December 31, 2017 – April 30, 2018)[17]
  • Muhammad Aurangzeb (April 30, 2018 – 11 March 2024)[18]
  • Muhammad Nassir Salim (11 March 2024 – )[19]

References

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  1. ↑ "History". www.hbl.com. Retrieved 2016-06-21.
  2. ↑ "HBL – Stock quote for Habib Bank Limited – Pakistan Stock Exchange (PSX)". dps.psx.com.pk. Retrieved 2021-02-22.
  3. ↑ "HBL Islamic Banking expands footprint in Pakistan". Profit by Pakistan Today. 2021-02-16. Retrieved 2021-03-28.
  4. ↑ 4.0 4.1 Papanek, Hanna (1972). "Pakistan's Big Businessmen: Muslim Separatism, Entrepreneurship, and Partial Modernization". Economic Development and Cultural Change. 21 (1): 1–32. doi:10.1086/450605. JSTOR 1152902 – via JSTOR.
  5. ↑ Ahmad, Aijaz (2002). Lineages of the Present: Ideology and Politics in Contemporary South Asia. Verso. p. 34. ISBN 978-1-85984-358-1.
  6. ↑ "Summary of Project Information, Habib Bank Ltd". Summary of Project Information, Habib Bank Ltd – International Finance Corporation. 1 December 2006. Archived from the original on 23 May 2011. Retrieved 5 December 2007.
  7. ↑ History Archived 8 December 2015 at the Wayback Machine HBL Retrieved 27 December 2011
  8. ↑ "History". HBL. 5 December 2007. Archived from the original on 15 December 2007. Retrieved 5 December 2007.
  9. ↑ "Banking license of Barclays cancelled – Business Recorder".
  10. ↑ "HBL acquires Barclays Pakistan".
  11. ↑ "HBL to open branch in China". The Express Tribune. 18 April 2016. Retrieved 18 April 2016.
  12. ↑ "HBL: Pakistani Bank with a China Vision". Global Village Space. 2021-05-12. Retrieved 2021-06-04.
  13. ↑ "HBL, NBP, UBL declared important banks". DAWN.COM. 2020-09-04. Retrieved 2020-09-07.
  14. ↑ "Board of Directors". HBL. Archived from the original on March 24, 2024. Retrieved March 24, 2024.
  15. ↑ "Mr R. Zakir Mahmood,Board of Trustees | About AKU | The Aga Khan University". www.aku.edu.
  16. ↑ "HBL announces retirement of Dar as CEO, other appointments". Profit by Pakistan Today. 23 October 2017.
  17. ↑ "HBL CEO Nauman K. Dar bows out". DAWN.COM. 24 October 2017.
  18. ↑ "HBL appoints new President and CEO". Profit by Pakistan Today. 30 April 2018.
  19. ↑ "In a remarkable act of national service, Muhammad Aurangzeb steps down as President & CEO - HBL". Aga Khan Development Network.
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