Arif Habib Corporation Limited , also known as the Arif Habib Group , ( Urdu : عارف حبیب کارپوریشن ) is a Pakistani business conglomerate headquartered in Karachi , Pakistan . The corporation was founded by Pakistani businessman Arif Habib .
6-536: Arif Habib Group started its operations as a pure capital markets firm in 1970 and was engaged in brokerage business since its inception. In 1994, it incorporated itself as the Arif Habib Securities. In 2006, Arif Habib acquired Rupali Bank and renamed it as Arif Habib Bank . In 2007, Arif Habib was considered a fairly large financial services conglomerate in Pakistan. It owned one large asset management company,
12-422: A big investment bank, a securities brokerage firm and a retail bank. During the 2008 worldwide financial crisis, it was at brink of collapse. In 2009, Arif Habib sold the bank to Suroor Investments for Rs. 2.7 billion ( US$ 32.5 million ) which then merged with Atlas Bank and Mybank to form Summit Bank . In 2010, Arif Habib merged its investment arm, Arif Habib Investments, with MCB Asset Management to form
18-700: A limited presence as a foreign bank. Due to an increase in paid-up capital requirements by the State Bank of Pakistan , it became difficult for the bank to operate as a stand-alone entity. In 2006, Arif Habib Securities Limited acquired the Pakistani operations of Rupali Bank Limited, under the Scheme of Amalgamation by the State Bank of Pakistan. The resulting bank was named Arif Habib Rupali Bank, and it began operations on August 5, 2006. In 2008, then known as Arif Habib Bank
24-517: The MCB-Arif Habib Savings and Investments Limited. This Pakistani corporation or company article is a stub . You can help Misplaced Pages by expanding it . Arif Habib Bank Bank Makramah Limited ( Urdu : بینک مکرمہ لمیٹڈ ), formerly Summit Bank , is a Pakistani Islamic bank based in Karachi , Pakistan. Bank Makramah Limited's origins go back to Rupali Bank Limited , which had
30-461: The umbrella of Summit Bank Ltd., increasing the network of the bank to over 193 branches in the country. In November 2023, Summit Bank Limited was converted into an Islamic bank and accordingly renamed as Bank Makramah Limited. Dubai-based businessman, Nasser Abdullah Hussain Lootah, has shown intention to acquire majority shareholding (at least 51 percent) of Summit Bank Limited while ensuring that
36-592: Was listed on the Karachi Stock Exchange . In 2010, Suroor Investments Ltd. acquired a 59.41 percent stake in Arif Habib Bank Ltd. Suroor Investments is an investment firm based in Mauritius. Later in 2010, Arif Habib Bank Ltd. was rebranded under the name of Summit Bank Ltd. Suroor Investments Ltd. acquired the majority shares of Atlas Bank Ltd. and MyBank Ltd. and these banks were later on came under
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