Meezan Bank has acquired the Pakistan operations of HSBC Oman S.A.O.G, marking its 500th branch and solidifying its status as the largest Islamic bank in Pakistan.

Target Information

Meezan Bank has successfully acquired the operations of HSBC Oman S.A.O.G in Pakistan, effectively integrating the branch into its Shariah-compliant banking framework. This acquisition marks a significant milestone for Meezan Bank, as it represents the conversion of HSBC's Pakistan operations into a fully Sharia-compliant mode, overseen by the Bank’s Shariah Supervisory Board. The addition of this branch brings the total number of branches under Meezan Bank's management to 500, underscoring the bank's expansion and growth within the Islamic banking sector.

This acquisition is noteworthy as it positions Meezan Bank as the only bank in Pakistan to have acquired three foreign banking entities, reflecting strong confidence from both its sponsors and the State Bank of Pakistan. The bank's history includes the 2002 acquisition of Societe Generale Pakistan, a prominent French bank, which was also converted to full compliance with Islamic banking principles.

Industry Overview in Pakistan

The Islamic banking industry in Pakistan has experienced remarkable growth over the past two decades, driven by increasing consumer demand for Sharia-compliant financial products. As of 2023, the Islamic banking sector has witnessed a compound ann