Bank Alfalah

Bank Alfalah Limited is a private bank in Pakistan owned by the Abu Dhabi Group. Bank Alfalah was incorporated on June 21, 1997 as a public limited company under the Companies Ordinance 1984. Its banking operations commenced from November 1, 1997. The bank is engaged in commercial banking and related services as defined in the Banking companies ordinance, 1962.

History

Bank Alfalah Limited was launched on June 21, 1997 as a public limited company under the Companies Ordinance 1984. The bank commenced its operations on November 1, 1997. The bank introduced commercial banking and related services as defined in the Banking companies ordinance, 1962. Bank Alfalah is the 6th largest bank of Pakistan with 648 branches in Pakistan and abroad.

The roots of the bank go back to the Bank of Credit and Commerce International (BCCI), which was closed down due to various allegations. The Pakistan operations of BCCI were taken over by State Bank of Pakistan and nationalized to safeguard the consumer interests, under a new identity of HCEB or 'Habib Credit and Exchange Bank'. In 1997, the bank was privatized and taken over by 'Abu Dhabi Group' of UAE, with a new identity of 'Bank Alfalah Limited'. The management of the bank had implemented strategies and policies so the bank would become a major player in the market. With a partnership with the Abu Dhabi Group the position of the bank became stronger which allowed the bank to invest more in technology to increase its range of products and services.