Banking has become the most necessary requirement for decades. Banks are essential to the advancement and development of a country’s economy. It assists people in bettering and securing their finances. There are a total of 31 banks operating across Pakistan including 22 private banks, 5 state-owned banks, and 4 foreign banks.
The State Bank of Pakistan is the central bank of Pakistan, it has been established under the 1956 act. SBP is responsible to manage the all-banking system of Pakistan. Commercial banks, financial banks, Islamic banks, foreign banks, microfinance banks, and development financial organizations are the banking sectors of Pakistan. Here in this article, we will find out the top best banks in Pakistan.
1. Habib Bank Limited:
Habib bank limited also called HBL bank, was founded by Muhammad Aurangzeb in 1941. It is the largest and leading commercial bank in Pakistan. It is involved in commercial banking as well as a variety of other financial services in Pakistan. HBL has been established at the request of the founder of Pakistan to help Muslim assets. It also offers national and international assets management services. it offers loans, securities, and a variety of banking services for agricultural, customers, small businesses, and commercial clients. HBL has also been named the safest bank in Pakistan by Finance Global.
2. National Bank of Pakistan:
National Bank of Pakistan is one of Pakistan’s leading and second-largest state-owned banks, which has been started working since 1949. National Bank of Pakistan also known as NBP and has its headquarters located in Karachi. It is working as the trustee of the State Bank of Pakistan. It has about 1450 branches across Pakistan and 21 international branches. This bank offers a variety of banking services to both the commercial and public sectors. It also provides consumer banking, business banking, and investment banking, as well as loans and deposits.
3. Meezan Bank:
Meezan Bank is one of the best banks in Pakistan which has been founded by the Irfan Siddique in 1997. It is the first Islamic bank in Pakistan and provides services according to Islamic laws and principles.it has been awarded by the best Islamic bank in Pakistan. It has up to 800 branches all over Pakistan.
It offers services to Hajj pilgrims, marriage, retirement, easy home, automobile finance, development capabilities, Islamic banking research, and consulting services. It operates through various segments such as corporate financing, trading and sales, retail banking, corporate and commercial banking, agency services, and payment and settlement segments. In addition, it received the most prestigious award of the best bank of Pakistan in 2020.
4. United Bank Limited:
United Bank Limited is one of the oldest, largest and best banks in Pakistan banking industry. It is a multinational commercial bank that was founded by Agha Hassan Abedi in 1959. United Bank Limited abbreviated as UBL and located in Karachi. UBL operates more than 1370 branches in different cities of Pakistan. UBL also has a mobile app and provides digital end-to-end finest customer services 24 hours through world-class online banking.
UBL was named Best Bank for Corporate Finance and Capital Market Development. It provides a wide range of commercial banking sectors, corporate banking, investment banking, and Treasury services, among other things. It offers the best banking app in Pakistan for easy baking services. It is one of the best international banks for account opening in Pakistan.
5. MCB Bank:
MCB Bank stands for Muslim Commercial Bank which is the top best private-owned bank in the banking industry. MCB is the oldest bank, invented by Adamjee Haji Dawood in 1947. The bank operates through 1400 branches in different cities across Pakistan. It also has 8 branches in different countries. MCB Bank offers national and international commercial banking and other related services. MCB provides various customer services like fund transfer, paying utility bills, MCB credit card bills, etc. MCB has won the best investment bank in Pakistan for two years.
6. Allied Bank:
Allied Bank is another valuable edition in the Pakistan banking industry. It is the country’s oldest bank that was set up in 1942 as the “Australian Bank” by Khawaja Bashir Baksh. It has a registered office in Lahore and provides services through up to 1100 branches all over Pakistan. It offers a full range of Shariah-compliant banking and related services, especially retail banking. Allied bank manages Corporate and Investment Banking, Commercial Services Commercial and Retail Banking, Savings and Term Deposits, and Cash Management Solutions. Allied bank was awarded the best bank of the year 2021. It also offers branch banking, allied phone banking, and myABL internet banking services.
7. Faysal Bank:
Faysal Bank is another biggest Islamic and commercial bank in the Pakistan banking industry. It was built in 1994 and has its headquarters in Karachi Pakistan. It provides services to the customers through up to 350 branches across the different 100 cities of Pakistan. Faysal Bank provides a wide range of banking and financial services throughout Pakistan to help the people as per their demands. Faysal Bank has made a number of loans and deposit stocks to small businesses and clients. It covers various loans and other services. It is considered one of the best banks in Pakistan.
8. Bank Alfalah:
Bank Alfalah is one of the largest and leading retail banks in Pakistan it started its banking operation in 1997. The bank operates under the Emirati company Abu Dhabi Group and has headquarter located in Karachi. Bank Alfalah works through a network of more than 700 branches in different cities all over Pakistan. It offers a wide range of banking and financial services and provides valuable banking solutions according to the consumer’s needs and satisfaction. It involved corporate and investment banking, consumer banking and credit, securities brokerage, commercial, SME, agricultural finance, Islamic, and asset financing solutions are among the services provided.
9. Askari Bank:
Askari Bank limited is one of the top best commercial and retail banks in Pakistan. It was founded by the Foji foundation group in 1991 as a public bank. It has its headquarters in Karachi and provides services to the customers through the 537 branches in different cities of Pakistan. It works through various segments such as corporate finance, trading and sales, retail banking, commercial banking, payments, and settlement, agency services, retail brokerage, and asset management. Askari Bank offers complete individual and corporate customer services 24/7 all over the country.
10. Standard Charted Bank:
Standard Charted Bank is the most valuable addition to the Pakistan banking industry. It is one of the leading and largest foreign banks that was owned by a British multinational bank Standard Chartered. It has its headquarters in Karachi and provides services through a network of 94 branches in the major cities in Pakistan. It provides a broad range of Pakistani banking and financial products and services all over Pakistan like Loans debit cards and credit card products. It also offers a complete range of Islamic banking solutions to its customers. SCB has been granted the first Islamic Banking license ever given to a foreign bank operating in Pakistan. It is the best international bank for account opening.