Allied Bank Limited () is the fifth largest
commercial bank
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit.
It can also refer to a bank, or a division of a large bank, which deals with co ...
in
Pakistan
Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's fifth-most populous country, with a population of almost 243 million people, and has the world's second-lar ...
and is a subsidiary of Ibrahim Group.
[ Allied Bank with its registered office in ]Lahore
Lahore ( ; pnb, ; ur, ) is the second most populous city in Pakistan after Karachi and 26th most populous city in the world, with a population of over 13 million. It is the capital of the province of Punjab where it is the largest city ...
is one of the largest banks within the country with over 1400+ branches and ATMs.
It was the first Muslim bank established in Pakistan before independence (1942) with the name of Australasia Bank. It was renamed to Allied Bank of Pakistan, from Australasia Bank Limited in 1974, and Sarhad Bank Ltd, Lahore Commercial Bank Ltd and Pak Bank Ltd were also merged in it.
History
ABL is the first Muslim Bank established on territory that later on became Pakistan. It was established on 3 December 1942, as Australasia Bank at Lahore with capital of 0.12 million by Kashmiri silk trader Khawaja Bashir Baksh.
2005-to-date
In December 2014, the Government of Pakistan
The Government of Pakistan ( ur, , translit=hakúmat-e pákistán) abbreviated as GoP, is a federal government established by the Constitution of Pakistan as a constituted governing authority of the four provinces, two autonomous territorie ...
sold-off its remaining 11.5 percent stake in ABL for PKR 14.4 billion. The deal was sealed-off at a strike price
In finance, the strike price (or exercise price) of an option is a fixed price at which the owner of the option can buy (in the case of a call), or sell (in the case of a put), the underlying security or commodity. The strike price may be set ...
of Rs. 110 per share for the remaining 131.3 million shares of the government.
Credit rating
Long Term Credit Rating of Allied Bank Ltd is 30 June 2020, maintained at AAA riple Aand Short-Term Credit Rating of the bank is maintained at A1+ one plusby Pakistan Credit Rating Agency (PACRA).
Islamic banking
In September 2018, ABL opened its Shariah-complian
Aitebar Islamic Banking
service through its 117 dedicated Islamic banking branches network across 53 major cities of Pakistan.
Awards and recognition
* Islamic Finance Excellence Award to Allied bank Limited by the Government of Punjab, Pakistan
The Government of the Punjab ( ur, ), is the provincial government of the Pakistani province of Punjab. It is based in Lahore, the provincial capital. Its powers and structure are set out in the provisions of the Constitution, in which 41 dis ...
in 2017
FinCEN
Allied Bank was named in FinCEN leak, published by Buzzfeed News and the International Consortium of Investigative Journalists
The International Consortium of Investigative Journalists, Inc. (ICIJ), is an independent global network of 280 investigative journalists and over 140 media organizations spanning more than 100 countries. It is based in Washington, D.C. with ...
(ICIJ). It had twelve suspicious transactions flagged in the years 2011 and 2012.
See also
*List of banks
Lists of banks are contained in the following articles:
By continent
* List of banks in Africa – Each country in Africa has a list of banks operating in that country
* List of banks in Asia – Asia has a list of banks operating in that co ...
*List of banks in Pakistan
The following is the list of notable banks in Pakistan. State Bank of Pakistan is the Central Bank of Pakistan.
Systemically Important Banks
Domestically Systemically Important Banks
* Habib Bank Limited (HBL)
* National Bank of Pakistan (N ...
References
{{DEFAULTSORT:Allied Bank Limited
Banks established in 1942
Banks of Pakistan
1942 establishments in India
Pakistani brands
Companies listed on the Pakistan Stock Exchange
Companies based in Lahore
Formerly government-owned companies of Pakistan