Allied Bank Limited
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| Public (: ABL) | |
| Industry | Commercial bank |
| Founded | as "Australasia Bank", 1942 Lahore, Pakistan |
| Headquarters | Lahore, Pakistan |
| Products | Financial services |
| Revenue | 75 billion PKR |
| Website | [1] |
Allied Bank is a commercial bank in Pakistan. Allied Bank, with its registered Offices in Karachi and Lahore, is one of the largest banks within the country with over 1150 branches and ATMs. It was the first Muslim bank established in Pakistan before independence (1942) with the name of Australasia Bank. It was named as Allied Bank of Pakistan from Australasia Bank Limited in 1974, and Sarhad Bank Ltd, Lahore Commercial Bank Ltd and Pak Bank Ltd were also merged in it.
ABL is the first Muslim Bank established on territory that later on became Pakistan. It was established on December 3, 1942 as Australasia Bank at Lahore with capital of 0.12 million. At that time the chairman was Kh. Bashir Baksh. ABL’s story was one of the dedication, commitment to professionalism and adaptation to changing environmental changes.
The bank's history is divided into many phases. During 25 years of united Pakistan the bank advanced forward in all areas of its activities. 1970’s were a difficult decade for all Banks of Pakistan. In 1971 East Pakistan was separated and Australasia Bank lost its 50 branches and a lot of capital as well. Nevertheless, the growth remained steady.
In 1974 all the Banks were nationalized including Australasia Bank. The small provincial Banks were merged into Australasia Bank. On 1 July 1974 the new entity was renamed as ABL of Pakistan Limited. Then it started its operations as Public sector financial institution.
Different Phases of the Bank Are as Follows:
Australasia Bank had the unique distinction of being closely identified with some of the country’s most Prominent leaders of the freedom moment. Such as Mian Mumtaz Daultana (Board of directors), Mian Iftikhar Hussain and Maulana Zafar Ali Khan.
The bank originally started its operation in the garage of Khawaja Bashir Baksh’s bungalow (who was the chairman) near the Lahore Railway Station. But the success of Bank enforced the directors to open its another branch in Anarkali on 1 March 1944. Kh. Bashir was first chief executive. He was the person who was really working in its development. His sincerity of purpose can be judged from his great moments.
Another branch was opened at Amaratsar in 1945. In June 1946, the bank earned the status of scheduled bank. During 1946-47 many other branches were opened at Mcleod Road Lahore, Jallandhar, Ludhiana, Agra and Delhi.
At independence the industrial and commercial sectors were underdeveloped but ABL contributed a lot in the development of these sectors.
It was the only full functional Muslim Bank on the land of Pakistan. On August 14, 1947 bank was identified with Pakistan moment. Many of its Board of Directors were prominent Muslim League leaders. Jallandhar and Ludhiana branches were attacked by rioters because of Muslim staff appointed in these branches of bank. But when the Pakistan flags wee hoisted on the branches then all the banks in India were closed down. With this, the bank lost a lot of capital and its deposits and almost 6 branches. During 1948 new branches were opened at Karachi, Rawalpindi, Peshawar, Sialkot, Sargodha, Jhang, Gujranwala and Kasur. But later on its branches were spread to Multan and Quetta. At that time, the bank financed trade in cloth and food grains and thus maintained consumer’s supplies during the riot effected early months of 1948. Australasia Bank made a profit of
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