Bank Alfalah

Bank Alfalah Limited
Private
Industry Banking
Founded June 21, 1997 (1997-06-21)
Headquarters Karachi, Pakistan
Key people
  • H.H. Sheikh Hamdan Bin Mubarak Al Nahayan (Chairman) Tosli (CEO),
Products
Revenue ₨55.378 billion (US$520 million) (2014)[1]
₨8.513 billion (US$81 million) (2014)[1]
Owner Abu Dhabi Group
Number of employees
 7,785 (2014)[1]
Website www.bankalfalah.com

Bank Alfalah Limited is a private bank in Pakistan owned by the Abu Dhabi Group. Bank Alfalah is the 5th largest bank of Pakistan with 648 branches in Pakistan with an international presence in Afghanistan, Bangladesh, Bahrain and a representative office in the UAE.

Bank Alfalah was incorporated on June 21, 1997 as a public limited company under the Companies Ordinance 1984. Its banking operations commenced from November 1, 1997. The bank is engaged in commercial banking and related services as defined in the Banking companies ordinance, 1962.

History

Bank Alfalah Limited was launched on June 21, 1997 as a public limited company under the Companies Ordinance 1984. The bank commenced its operations on November 1, 1997. The bank introduced commercial banking and related services as defined in the Banking companies ordinance, 1962. The Bank is owned and operated by the Abu Dhabi Group. The International Finance Corporation (IFC) of the World Bank partnered with the Bank in 2014, and holds a 15 percent stake in Bank Alfalah.

The Bank provides financial solutions to consumers, corporations, institutions and governments through a broad spectrum of products and services, including corporate and investment banking, consumer banking and credit, securities brokerage, commercial, SME, agri-finance, Islamic and asset financing.

The roots of the bank go back to the Bank of Credit and Commerce International (BCCI), which was taken over by State Bank of Pakistan and nationalized to safeguard the consumer interests, under a new identity of HCEB or 'Habib Credit and Exchange Bank'. In 1997, the bank was privatized and taken over by 'Abu Dhabi Group' of UAE, with a new identity of 'Bank Alfalah Limited'. The management of the bank had implemented strategies and policies so the bank would become a major player in the market. With a partnership with the Abu Dhabi Group the position of the bank became stronger which allowed the bank to invest more in technology to increase its range of products and services.

References

  1. 1 2 3


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.