The banking sector plays a central role in the economic growth and stability of a developing nation like Pakistan. This sector not only helps people to keep their properties secure but also to avail of loan services, alongside being able to receive and send money to Pakistan and other countries around the world.
In Pakistan, the banking system revolves around a few types of banking such as
So, whenever we discuss a certain specific bank, it must always incorporate at least one of the above-mentioned banking systems in it.
Apart from the state bank of Pakistan (SBP), which is the central bank of Pakistan and which laid the foundation for the whole banking sector under it. We have discussed some other public-private banks in a brief account below.
Bank Alfalah is a leading bank of Pakistan, it’s a private bank owned by the Abu Dhabi group founded in 1992. With its headquarters in Karachi, it operates in different cities of Pakistan with at least 700 branches. It exceeds in providing financial and banking services to its customers, linked institutions, organizations, businesses, and governments of Pakistan and some other countries of Asia pacific and middle eastern region.
Moreover, Bank Alfalah has created an association with ACE money transfer service. the combined venture of ACE and Bank Alfalah enables the customers to avail of services of online money transfer and direct cash deposits and cash pickups with greater ease, reliability, and affordability of transaction charges.
NBP works as an independent financial organization with its headquarter in Karachi. It was founded in 1949. It also has a wider network of around 1450 branches that operates all over the world and connect the Pakistani community and people living abroad.
Standard chartered bank was founded in 2006. It’s a UK based standard charted bank, that’s works as a wholly-owned subsidiary. It has around 101 branches in Pakistan and they all work for the corporate, institutional, commercial, retail, and other banking segments.
Habib Bank also has its headquarter in Karachi. It was established in 1941. A large number of working forces with several around 17000 works with Habib bank and it operates all around Pakistan with its 1677 branches, including 45 Islamic branches and 54 abroad in other countries. The banks work through branch, caproate, treasury, and international banking segments of the economic viewpoint.
United bank is yet another top-notch bank of Pakistan. It was established in 1959. Its headquarter also rests in Karachi. And it has around 1341 branches all over Pakistan. It also has an employee body of around 15000 employees and also holds 18 international bank branches.
Some other famous banks of Pakistan that are trusted by the Pakistani community and have recognition internationally as well include: