However, in the recent years, the Government of Pakistan has introduced wide-ranging economic reforms that have considerably accelerated growth in several sectors, including the banking sector. However, until the completion of all the reforms, a complete reversal of performance is not yet expected. Pakistan comprises of a highly regulated banking sector. It is presided over by the Central Bank of Pakistan, namely, the State Bank of Pakistan (SBP). Significantly comprising several Commercial Banks and Specialized Banking Institutions, there are also many Foreign Banks that play a major role in the banking sector.
Foreign Banks do ensure the development of a stronger economic outlook of the country. Foreign banks in Pakistan bring in Foreign Direct Investments (FDI’s) into the country from leading countries like the U.S, U.K, and European Union countries. They generate huge employment opportunities for both aspiring job seekers and experienced. They also offer various banking services and policies, including loans, Credit cards, savings, consumer banking etc.There are several Foreign Banks in Pakistan. Some of the major ones are listed below as:
American Express Bank- a diversified global financial services company with its headquarters in New York City, the company is best known for its credit card, charge card and traveler's cheques. It caters to prime industries of finance and insurance and provides financial services.
Deutsche Bank- A German Bank that operates worldwide, its headquarters are at the Deutsche Bank Twin Towers, located in Frankfurt, Germany. Forming one of the largest investment banks in the world, it caters to the industries of finance and insurance and offers products and services on commercial banking.
Standard Chartered Bank Limited- Pakistan's oldest and largest foreign bank, it comprises over 150 branches in the region. Acquiring 81% of the outstanding shares of Union Bank in 2006, it will merge Union Bank with its own subsidiary, Standard Chartered Bank (Pakistan), thus creating Pakistan's sixth largest bank. It caters to the banking industry of finance and offers products and services on loans, Credit cards, savings, consumer banking etc.
Some of the other major Foreign Banks in Pakistan are listed below as:
- Citibank NA, Karachi
- Habib Bank AG Zurich, Karachi
- Abn Amro Bank (NV), Albaraka Islamic Bank BSC(EC), Lahore
- Hongkong and Shanghai Banking Corporation, Karachi
- Bank of Tokyo Mitsubishi Limited, Karachi
- Oman International Bank SOAG, Karachi
For further information on other categories relating to Pakistan’s Economy keep browsing through the links at www.economyofpakistan.com
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