Allied Bank Limited

Allied Bank Limited (الائیڈ بینک لمیٹڈ) is the fifth largest commercial bank in Pakistan and is a subsidiary of Ibrahim Group.[3] Allied Bank with its registered office in Lahore is one of the largest banks within the country with over 1400+ branches and ATMs.

Allied Bank Limited
TypePublic
PSX: ABL
IndustryFinance and insurance
Foundedas "Australasia Bank", 3 December 1942 (1942-12-03)
Lahore, Pakistan
FounderKhawaja Bashir Baksh
Headquarters
Lahore
,
Pakistan
ProductsFinancial services
RevenueIncrease Rs. 28.39 billion (US$98 million)[1] (2021)
Increase Rs. 17.30 billion (US$60 million)[2] (2021)
Total assetsIncrease Rs. 2.01 trillion (US$7.0 billion)[2] (2021)
Number of employees
11,000+[2] (2021)
ParentIbrahim Group
Websitewww.abl.com

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. [4]

2005-to-date

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.[3][5]

Credit rating

Long Term Credit Rating of Allied Bank Ltd is 30 June 2020, maintained at AAA [Triple A] and Short-Term Credit Rating of the bank is maintained at A1+ [A one plus] by Pakistan Credit Rating Agency (PACRA).[6]

Islamic banking

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.[7]

Awards and recognition

FinCEN

Allied Bank was named in FinCEN 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.[9]

See also

References
  1. https://www.abl.com/src/uploads/2022/03/Financial-Highlights-2021_09-03-22_10-18-56.pdf
  2. "Allied Bank Limited Financials 2021". abl.com. Retrieved 21 March 2022.
  3. Ali Raza Mehdi (3 November 2014). "Allied Bank's privatisation". Dawn (newspaper). Archived from the original on 12 April 2019. Retrieved 27 October 2019.
  4. Tirmizi, Farooq (16 December 2019). "How to grow a Big Five bank: the case of ABL".
  5. 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.
  6. "The Pakistan Credit Rating Agency Limited" (PDF). pacra.com.pk. Retrieved 25 September 2020.
  7. "ABL opens Islamic banking window". The Express Tribune.
  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. Report, Monitoring (21 September 2020). "Six Pakistani banks named in FinCEN leak". Profit by Pakistan Today. Retrieved 23 September 2020.
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