Pakistan’s largest Islamic bank Meezan Bank has completed the acquisition of HSBC Pakistan. Now, all the branches of HSBC have a Meezan Bank look. Irfan Siddiqui, founding president and CEO of the bank said it is a historic day for Meezan Bank to have acquired the Pakistan business of one of the world’s leading commercial banks and Meezan will benefit from the international best practices and well trained and experienced staff who are joining the bank. Meezan Bank is already the 8th largest network bank in Pakistan with 383 branches in 109 cities. Ever since its inception in 2002 it has recorded an unprecedented growth in all areas of banking, achieving a compounded annual growth rate of over 40% in both deposits and branches. It is largely owned by foreign financial institutions and has a total capital in excess of Rs 20 billion. The acquisition was made through a scheme of amalgamation under section 48 of the Banking Companies Ordinance 1962 and approved by the State Bank of Pakistan.The acquisition has added 10 branches and an incremental deposit of Rs 23 billion.
