The merger of the Pakistani Branch Operation of HSBC Bank Oman with Meezan Bank was completed on November 6, 2015. All customers of the former branch have automatically become customers of Meezan Bank.
"We welcome all our new customers and look forward to enjoying a long and beneficial relationship with all our valued customers," stated Meezan Bank in a statement to the Karachi Stock Exchange.
The entire operations of HSBC Oman Pakistan are being converted into a shari'ah-compliant mode under the guidance of Bank’s Shariah Supervisory Board. The acquisition of this single HSBC Oman branch marks the 500th branch of Meezan Bank.
Meezan Bank has the distinction of being the only bank that has acquired three foreign banks in Pakistan. In 2002, Meezan Bank started its commercial banking business with the acquisition of Societe Generale Pakistan, converting its operations into a shari'ah-compliant mode. In October 2015, Meezan Bank celebrated the first anniversary of the successful amalgamation of HSBC Pakistan.
Meezan Bank’s Founding President and CEO Irfan Siddiqui said, “At the time of inception in 2002, Meezan Bank was the smallest bank in the country. Alhamdulillah, 13 years later, it is not just the largest Islamic bank, but also the eighth-largest bank in Pakistan. On behalf of Meezan Bank, I would like to thank all our shareholders and customers for their continuous support and dedication for the betterment of Islamic banking in Pakistan. We value the trust that our shareholders and customers put in us in providing top of the line Islamic banking products and services. 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'.”
