Alphala Bank Limited (Urdu ：بینک الفلاح لمیٹڈ）， Formerly Known As Habib Credit And Exchange Bank, Is A Pakistani Commercial Bank Headquartered In Karachi. It Is A Subsidiary Of Abu Dhabi United Group, An Emirati Conglomerate.
It Is One Of The Largest Private Banks In Pakistan With Over 890 Branches In Over 200 Cities And 12 Branches In Bangladesh, Afghanistan, Bahrain And The UAE. The Bank Is Listed On The Pakistan Stock Exchange.
HISTORY
The Headquarters Of Alfalah Insurance In I.I. Chundrigar Road, Karachi
The Roots Of The Bank Can Be Traced Back To The Bank Of Credit And Commerce International (BCCI), Which Has Three Branches In Pakistan. These Were Taken Over By The State Bank Of Pakistan To Protect The Interests Of Consumers And Carried Out Under The New Identity Of Habib Credit And Exchange Bank (HCEB).
In July 1997, The Abu Dhabi Group, Headed By Nahyan Bin Mubarak Al Nahyan Of The Al-Nahyan Group, Acquired A 70% Stake In What Was Then Habib Credit & Exchange Bank (HCEB), A Subsidiary Of The State-owned Bank Habib Bank Limited. The Privatization Committee Facilitated The Sale Of 42 Million Shares On July 7 For $40.54 Million. Later, It Was Renamed Bank Alfalah Limited.
Bank Alfalah Was Incorporated On June 21, 1997 And Is A Public Limited Company Incorporated Under The Companies Ordinance 1984. Its Banking Operations Commenced On November 1, 1997. The Bank Engages In Commercial Banking And Related Services As Defined In The Banking Companies Regulations 1962.
In 2004, Bank Alfalah Was Listed On The Karachi Stock Exchange At A Strike Price Of 40 Pakistani Rupees Per Share Following Its Initial Public Offering.
FinCEN
Bank Alfalah Was Named In The FinCEN Leak Published By Buzzfeed News And The International Consortium Of Investigative Journalists (ICIJ). It Flagged Three Suspicious Transactions Involving Nearly $2.50 Million Of The $2 Trillion Suspicious Payments Made By Banks In 170 Countries Around The World. The Three Transactions Occurred Between 2011 And 2012
