Meezan Bank finally acquired the single branch of HSBC Oman in Pakistan on Friday with its entire operations.
HSBC Oman S.A.O.G Pakistan was the only branch in Pakistan.
The entire operations of HSBC Oman Pakistan are being converted into a Shariah-compliant mode under the guidance of Bank’s Shariah Supervisory Board. The acquisition of this single HSBC Oman branch marks the 500th branch of Meezan Bank.
Meezan Bank now has the distinction of being the only bank that has acquired three foreign banks in Pakistan.
In 2002, Meezan Bank started Commercial Banking business with the acquisition of Societe Generale Pakistan, a leading French Bank and converted all its operation into Shariah-compliant mode.
In October 2015, Meezan Bank celebrated the first anniversary of the successful amalgamation of HSBC Pakistan.
On this occasion, Meezan Bank’s Founding President and CEO Irfan Siddiqui said, “At the time of inception in 2002, Meezan Bank was the smallest bank in the country. Alhamdulillah, 13 years later, it is not just the largest Islamic bank, but also the 8th largest bank in Pakistan. He thanked all shareholders and customers for their continuous support and dedication for the betterment of Islamic banking in Pakistan.
“We value the trust that our shareholders and customers put in us in providing top of the line Islamic banking products and services. We are committed to providing our customers the highest level of service and realizing our vision of ‘establishing Islamic banking as banking of first choice’,” he said.
Meezan Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of 500 branches supported by a countrywide network of over 450 ATMs, VISA and MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility.