Meezan Bank completes acquisition of HSBC Pakistan

21st October 2015

 
 

Meezan Bank has completed its acquisition of HSBC Pakistan – all HSBC branches have been converted to Meezan branches with the purple masthead on top of each branch building. With the completion of this acquisition, Meezan Bank has added 10 new branches to its footprint with an additional deposit base of Rs. 23 Billion.

Meezan Bank CEO Irfan Siddiqui has labeled this day as a historic moment in the bank’s history where Pakistan’s largest Islamic financial institution has acquired an international leading bank in the country. He was confident that Shariah-compliant solutions will be seamlessly offered to HSBC’s existing clientele, with maximum retention of consumers and corporates under the Islamic umbrella.

Prior to the acquisition, Meezan Bank was maintaining a footprint of 383 branches with total capital exceeding Rs. 20 Billion. It has expanded its presence in 109 cities across Pakistan. The acquisition of HSBC Pakistan has been Meezan Bank’s second acquisition since its inception in 2002. It has previously successfully acquired Society Generale Pakistan and implemented Shariah-compliant services across its four branches.

 

 
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