Bank AL Habib Limited incorporated in Pakistan |17 July 2014

Bank AL Habib Limited was incorporated in Pakistan while Habib Bank Limited was established in Bombay, India.

In our article entitled ‘New foreign bank starts operation’ which appeared in our issue of Tuesday July 15, 2014, there was a mix-up in the establishment of the two banks.

According to the management of the Bank AL Habib Limited, which started operation as an offshore bank in Seychelles this week, the Habib Bank Limited was established in Bombay in 1941 and it later shifted to Pakistan upon the country’s creation, and was nationalised by the government of Pakistan in 1973.  The sponsors and founder members of Habib Bank Limited was the Habib Family.

The Habib Family are the owners of Bank AL Habib Limited.  When the government of Pakistan decided to allow the private sector to establish commercial banks in Pakistan, the Habib Family was granted permission to set up a new commercial bank in Pakistan. Accordingly, the Bank AL Habib Limited was incorporated in Pakistan in October 1991 and commenced operations in January 1992.