Meezan Bank acquires HSBC Oman

KARACHI: Meezan Bank on Friday announced that it has acquired Pakistan’s operation of HSBC Oman.
The bank, in a statement, said the entire operations of HSBC Oman Pakistan are being converted into a Shariah-compliant mode under the guidance of the bank’s Shariah supervisory board.
“The acquisition of this single HSBC Oman branch marks the 500th branch of Meezan Bank, which is a big achievement,” said the statement.
“Meezan Bank now has the distinction of being the only bank that has acquired three foreign banks in Pakistan and reflects the confidence reposed by the sponsors and State Bank of Pakistan in the bank.”
Meezan Bank’s founding President and CEO Irfan Siddiqui said the bank started its operation in 2002.
“Thirteen years later, it is not just the largest Islamic bank, but also the 8th largest bank in Pakistan,” Siddiqui said.
“We are committed to providing to our customers the highest level of service and realising our vision of 'establishing Islamic banking as banking of first choice.”
In 2002, Meezan Bank started commercial banking business with the acquisition of Societe Generale Pakistan, a leading French bank and converted all its operation into Shariah-compliant mode.