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History |
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HBL established operations in Pakistan in 1947 and moved its head office to Karachi. Our first international branch was established in Colombo, Sri Lanka in 1951 and Habib Bank Plaza was built in 1972 to commemorate the bank’s 25th Anniversary.
With a domestic market share of over 40%, HBL was nationalized in 1974 and it continued to dominate the commercial banking sector with a major market share in inward foreign remittances (55%) and loans to small industries, traders and farmers. International operations were expanded to include the USA, Singapore, Oman, Belgium, Seychelles and Maldives and the Netherlands.
On December 29, 2003 Pakistan's Privatization Commission
announced that the Government of Pakistan had formally
granted the Aga Khan Fund for Economic Development (AKFED)
rights to 51% of the shareholding in HBL, against an investment
of PKR 22.409 billion (USD 389 million). On February 26,
2004, management control was handed over to AKFED. The
Board of Directors was reconstituted to have four AKFED
nominees, including the Chairman and the President/CEO
and three Government of Pakistan nominees. |
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