Allied Bank Limited

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Allied Bank Limited
Company typePublic
PSXABL
IndustryFinance and insurance
Foundedas "Australasia Bank", 3 December 1942; 81 years ago (1942-12-03)
Lahore, Pakistan
Headquarters
Lahore-54000
,
Pakistan
Key people
  • Mohammad Naeem Mukhtar (Chairman)
  • Aizid Razzaq Gill (CEO)
ProductsFinancial services
RevenueIncrease Rs. 236.144 billion (US$820 million)[1] (2022)
Increase Rs. 46.626 billion (US$160 million)[1] (2022)
Increase Rs. 21.194 billion (US$73 million)[1] (2022)
Total assetsIncrease Rs. 2.25 trillion (US$7.8 billion)[1] (2022)
Total equityIncrease Rs. 127.811 billion (US$440 million)[1] (2022)
Number of employees
11,929[1] (2022)
ParentIbrahim Group
Websitewww.abl.com

Allied Bank (ABL)(الائیڈ بینک لمیٹڈ) is the fifth largest commercial bank in Pakistan and is a subsidiary of the Ibrahim Group.[2] Allied Bank with its registered office in Lahore is one of the largest banks within the country with over 1,500 branches and ATMs.

It was the first Muslim bank established before Pakistan became independence in 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[edit]

Foundation and early years[edit]

ABL was 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. [3]

2005-to-date[edit]

In December 2014, the Government of Pakistan sold-off its remaining 11.5 percent stake in ABL for PKR 14.4 billion. The deal was sealed-off at a strike price of Rs. 110 per share for the remaining 131.3 million shares of the government.[2][4]

In September 2018, ABL opened its Shariah-compliant Aitebar Islamic banking service through its 117 dedicated Islamic banking branches network across 53 major cities of Pakistan. Islamic account holders can also make deposits into and withdrawals from their accounts at Islamic windows in conventional branches.[5]

In 2020 Allied Bank was named in the FinCEN money laundering leak, published by Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ). It had twelve suspicious transactions flagged in the years 2011 and 2012.[6]

Credit rating[edit]

As of 2023, Long Term Credit Rating of Allied Bank Ltd was maintained at AAA [Triple A] and Short-Term Credit Rating of the bank was maintained at A1+ [A one plus] by the Pakistan Credit Rating Agency (PACRA).[7]

Recognition[edit]

  • Islamic Finance Excellence Award to Allied bank Limited by the Government of Punjab, Pakistan in 2017[8]
  • The Banker Award for Bank of year 2022-Pakistan [9]
  • Asia Money award 2023 - Pakistan's best bank for diversity and inclusion 2023[10]
  • Finance Asia 2023- Best Domestic Bank[11]

See also[edit]

References[edit]

  1. ^ a b c d e f "Allied Bank Annual Report 2022" (PDF). abl.com. Retrieved 22 November 2023.
  2. ^ a b Ali Raza Mehdi (3 November 2014). "Allied Bank's privatisation". Dawn (newspaper). Archived from the original on 12 April 2019. Retrieved 27 October 2019.
  3. ^ Tirmizi, Farooq (16 December 2019). "How to grow a Big Five bank: the case of ABL".
  4. ^ Shahbaz Rana (13 December 2014). "Divestment: Govt sells Allied Bank stake for Rs14.4b". The Express Tribune (newspaper). Archived from the original on 12 April 2019. Retrieved 27 October 2019.
  5. ^ "ABL opens Islamic banking window". The Express Tribune.
  6. ^ Report, Monitoring (21 September 2020). "Six Pakistani banks named in FinCEN leak". Profit by Pakistan Today. Retrieved 23 September 2020.
  7. ^ "The Pakistan Credit Rating Agency Limited" (PDF). pacra.com. Retrieved 28 August 2023.
  8. ^ "Islamic Finance Excellence Awards 2017". Center of Islamic Finance. 20 June 2017. Archived from the original on 19 September 2017. Retrieved 27 October 2019.
  9. ^ Banker, The. "Bank of the Year Awards 2022 — Asia-Pacific". www.thebanker.com. Retrieved 28 August 2023.
  10. ^ "Best Bank Awards 2023: Pakistan". Asiamoney. 26 June 2023. Retrieved 28 August 2023.
  11. ^ FinanceAsia (13 August 2023). "Winners: FinanceAsia Awards 2022-2023 South Asia". FinanceAsia. Retrieved 28 August 2023.