Meezan Bank acquires HSBC to convert in Islamic Banking

Karachi—Meezan Bank has acquired HSBC Oman S.A.O.G 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, which is a big achievement.

Meezan Bank now have the distinction of being the only bank that has acquired three foreign banks in Pakistan and reflects the confidence reposed by the sponsors and State Bank of Pakistan in the Bank. In 2002, Meezan Bank started Commercial Banking business with the acquisition of Societe Generale Pakistan, a leading French Bank and converted all its operationinto Shariah-compliant mode. In October 2015, Meezan Bank celebrated the first anniversary of the successfulamalgamation of HSBC Pakistan.

On this occasion, Meezan Bank’s Founding President & CEO – Mr. 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. On behalf of Meezan Bank, I would like to thank all our 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.


NEO Web Desk

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