The State Bank of Pakistan is the Central Bank of Pakistan. It controls and regulates the monetary and credit policies for the stability of the country. The State Bank also advises on the foreign exchange rates, interest rate for bank deposits, and bank loans.

They also control the regulation for the circulating currency around the country.

The headquarters are in the financial capital of Pakistan, Karachi.

Different type of banks in Pakistan:

Central banks

Commercial Banks

Development Financial Institutes

Specialized Banks 

Islamic Banks

Micro-Finance Bank

Cooperative Banks

List of the Top 15 Banks in Pakistan

1.  Askari Bank Limited

2 . Allied Bank

3 . Bank Alfalah

4 . Habib Bank Limited (HBL)

5 . Meezan Bank 

6 . Muslim CommercialBank (MCB)

7 . National Bank of Pakistan(NBP)

8 . Standard Chartered Bank (SCB)

9 . United Bank Limited (UBL)

10 . Faysal Bank

11 . Bank AL Habib

12 . Bank of Punjab

13 . BankIslami Pakistan

14 . JS Bank (Jahangir Siddiqui)

15 . Bank of Khyber

1)  Askari Bank Limited

Headquartered in Rawalpindi, established in 1991, as a public limited company. It is a commercial and retail bank in Pakistan. Askari Bank has 537 branches across Pakistan and a wholesale bank branch in Bahrain.

Askari Bank serves individuals and corporate customers. It operates through Corporate Finance, Trading and Sales, Retail Banking, Commercial Banking, Payment and Settlement, Agency Services, Retail Brokerage, and Asset Management segments. 

2)  Allied Bank

Allied Bank was established in 1942. It is headquartered in Lahore and has an international branch located in Bahrain. One of the largest banks in Pakistan with over 1350 branches.

The bank’s operations comprise Corporate and Investment Banking, Trade Services Commercial, and Retail Banking, Savings and Term Deposits, and Cash Management Solutions. It offers universal banking services while placing major emphasis on retail banking. 

3)  Bank Alfalah

Bank Alfalah is a private Bank and has its headquarters located in Karachi. It was

established in 1992 but commenced operations of its services in 1997. It operates around 600 hundred branches in Pakistan and internationally in countries like Bahrain, Bangladesh, and Afghanistan.

It operates through Retail Banking, Corporate Banking,

Treasury, Consumer Banking, Islamic Banking, International Operations, Retail Brokerage, and Asset Management

The Bank is owned and operated by the Abu Dhabi Group.

4)  Habib Bank Limited (HBL)

HBL is among the most profitable banks in Pakistan, with around 1751 branches in 15 countries, catering to 20 million customers. Its headquarters are in the City of Lights, Karachi. Additionally, it has branches in Europe, Australia, Middle East, America, Asia, and Africa.

The key areas of operation are Branch Banking, Corporate & Investment Banking, Treasury, SME & Rural Banking, Financial Institutions & Global Trade Services, Transaction Banking, and Islamic Banking.

The Branch Banking business is the centerpiece of the Bank, holding its position as the largest retail bank in Pakistan. Providing financial services to multinational and local corporate clients across the country. The Bank also plays a key role in Pakistan’s domestic markets.

HBL has a significant international presence, it provides opportunities to its customers to serve them effectively. They spearhead initiatives such as providing facilitating access to the financial sector to women, to achieve its objective of financial inclusion for all segments of Pakistan.

5)  Meezan Bank 

Meezan Bank Is the largest Islamic commercial Bank in Pakistan, established in 1997 and commenced operations in 2002. It operates under the Islamic Principles and is recognized

for its Islamic Banking research, and advisory services. It has also been praised both

by locals and international institutes for its Islamic Principles and is considered one of the Best Islamic Banks in Pakistan. It is headquartered in Karachi.

It operates through Corporate Finance, Trading and Sales,

Retail Banking, Corporate and Commercial Banking, Agency Services, and Payment and Settlement segments. 

 It provides a wide range of Islamic banking products and services through its wide network

of retail branch network of more than 600 branches across Pakistan. 

6)  Muslim CommercialBank (MCB)

Established in 1947 but was nationalized in 1974, MCB Bank offers commercial banking and related products and services in Pakistan. Headquartered in Lahore, Pakistan.

It provides services such as Trade Products, Advisory Services, Motherland Account, Transaction Banking, Online Fund Transfer, MCB Lockers, Burqraftaar Home Remittance, Dividend Warrant Management, Corporate Financing, and Equity Capital Raising.

7)  National Bank of Pakistan(NBP)

National Bank of Pakistan (NBP) is the second-largest commercial bank in Pakistan. NBP provides commercial banking services, it was established in 1949, and is headquartered in Karachi. the bank operated through a network of 1,498 domestic branches, 21 overseas branches, and four overseas representative offices.

Other services the bank provides, include modaraba management, broking, leasing, foreign currency remittances, consumer banking, corporate banking, investment banking, and offers loans and savings services, exchange transactions, asset management, and investment advisory services.

8)  Standard Chartered Bank (SCB)

Standard Chartered Pakistan operates as a subsidiary of UK-based Standard Chartered Bank. It is also the first international bank to be awarded an Islamic banking license and the first to open an Islamic banking branch. Founded in 2006. Tt acquired Pakistan’s Union Bank, merged Union Bank with its subsidiary, Standard Chartered Bank Pakistan.

The Banks serve both Retail and Corporate and Institutional Banking customers. Retail Banking provides credit cards, personal loans, mortgages, deposit taking, and wealth management services to individuals. Corporate and Institutional Banking provides clients with services in trade finance, transactional banking, lending, securities services, foreign exchange, debt capital markets, and corporate finance.

9)  United Bank Limited (UBL)

One of the largest commercial banks in the private sector in Pakistan, established in 1959. It has around 1400 branches in Pakistan and overseas, boasting around 4 million customers worldwide. Its headquarters are in the City of Lights, Karachi.  

The Bank provides commercial banking and related services and has a record for consistent profit, it specializes in Retail Banking, Corporate Banking, Investment Banking, Treasury Services. 

10)  Faysal Bank

Founded in 1994, Headquartered in Karachi, the bank manages 350 branches in approximately 100 cities and employs around 3,600 individuals.

Faysal Bank provides a range of financial services in Pakistan. The bank operates through four segments: Corporate Finance, Trading and Sales, Retail Banking, and Corporate and Commercial Banking. 

11)  Bank AL Habib

Bank AL Habib is a commercial bank. Based in Karachi.

It consists of a branch network of more than 850 branches. 

It played a major role in meeting the financial and banking needs of Pakistan.

It was nationalized by 1971. In around 28 years, the bank has expanded its branches and sub-branches, a Wholesale Branch in the Kingdom of Bahrain, Seychelles, and Malaysia, and Representative Offices in Dubai, Istanbul, Beijing, and Kenya.

The services it provides include Consumer Housing Finance, Car finance, Retain, Savings, Consumer Banking.

12)  Bank of Punjab

Bank of Punjab is a commercial bank. The bank was established in 1989 and has over 587 branches throughout the country. The major services provided by the bank include a deposit in the local currency, client deposit in foreign currency, remittances and advances to business, trade, industry, agriculture, Credit cards,

consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, and wealth management. 

13)  BankIslami Pakistan

BankIslami Pakistan was the first bank to receive a license to operate as an Islamic bank. This bank has over 300 branches in more than 100 cities within the country. The bank merged with KASB bank in 2015 increasing the total asset. It has around 317 branches in 93 cities nationwide.

Services provided include Retail Banking, Corporate Banking, Treasury, Consumer Banking, Islamic Banking, Retail, and Asset Management

14) JS Bank (Jahangir Siddiqui)

JS (Jahangir Siddiqui) Bank is a commercial Bank and was created in 2007 after two banks combined into one. It currently operates 323 branches in 161 cities.

It provides commercial banking services, Corporate & Investment Banking, Treasury, Financial Institutions, Transaction Banking.

15) Bank of Khyber

The Bank of Khyber was established in 1991 and is owned by Khyber Pakhtunkhwa Provincial Government. It has over 179 branches across the country.

The bank provides services associated with business and commercial circles and plays an active role in catering to the financial needs of all sectors. It has successfully been involved in extending funded and non-funded facilities to its customers for various business needs.

Conclusion

Banks provide safety and security without distinction. They have become a necessity for corporate and industrial businesses but also for the common folks of Pakistan.

Pakistan has an economy that is growing at a rapid pace. The Banking sector matures with every passing year, providing quality services to the customers help grow confidence of trust and loyalty within the populace.

Providing a service that draws the customers and satisfies them with brilliant quality assurance.