Allied Bank is one of the five largest banks in Pakistan, with a network of over 800 branches in more than 300 locations offering real-time online banking. The bank leads the way by having a network of over 586 ATMs across Pakistan, with more machines added regularly.
Allied Bank is owned and operated by Ibrahim Group, one of the largest industrial conglomerates in Pakistan with businesses in textile, trading, polyester fibres, energy and financial services. Established in 1942, Allied Bank today stands on a solid foundation of 69 years of operation, having strong equity, assets and deposits base.
Following the takeover of its management control by the Ibrahim Group and the subsequent merger of Ibrahim Leasing into Allied Bank in 2004, the board formulated comprehensive strategic priorities to address the needs of running a world class financial institution. To attain this goal, it was imperative to invest in human resources, systems and technology, with special emphasis on value addition and service quality.
The board of directors of Allied Bank, having past experience in the directorship of financial institutions (namely MCB Bank Limited and Adamjee Insurance Company Limited), are well versed in providing stewardship to a growing financial institution. Together with the professional capabilities of senior executives, the bank is well positioned to capitalise on the opportunities offered by the market.
Activities and subsidiaries
Allied Bank offers a full range of commercial, retail, and corporate banking services with a focus on service delivery through technology.
The Commercial and Retail Banking Group (CRBG) was set up with the objective of becoming the market leader in middle sized customer segments. With a focus on agri financing, it aims to become the leading SME bank in the diversified urban markets, providing customers with integrated financing and investment options, as well as fast fund transfer and deposit solutions under one roof.
The Corporate and Investment Banking Group (CIBG) is the bedrock of Allied Bank’s loan portfolio. CIBG offers a wide range of financial services to medium and large public and private sector entities. These services include providing and arranging tenured financing, corporate advisory, underwriting, cash management, trade products, corporate finance products and customer services on all bank related matters through a relationship management system.
Allied Bank’s Asset Management Company (AMC) is fast positioning itself as a prominent player in the asset management industry. After the launch of two new funds in 2010, the AMC is now managing four open end funds: an income fund, a stock fund, and two money market funds – one conventional and one based on Islamic principles.
Awards, recognition and ratings
During 2010, Allied Bank won a host of awards and recognitions for its strong performance during the year and improvements in systems and processes. It was awarded ‘Best Domestic Bank in Pakistan’ by Asian Money; ‘Best Bank of 2009’ by CFA Association; ‘First in Pakistan and Ninth Globally’ by the Banker Magazine, UK; ‘Corporate Excellence Award’ by the Management Association of Pakistan; and ‘Corporate Finance Advisory House’ by CFA Association of Pakistan.
Allied Bank also stands among the top 1000 banks in the world. This goes to show the improvement in the bank’s policy, procedures and services during the past few years. Currently, Allied Bank is placed at 932nd in the world.
Based on its excellent financial performance and significant improvement in all areas of risk management and corporate governance, the Pakistan Credit Rating Agency upgraded the bank’s long-term credit rating to AA and short-term rating to A1+.
Corporate social responsibility
Allied Bank is socially committed to contribute towards bringing a positive change in the communities it operates in. This is done by rendering various services and supporting activities aimed at education, healthcare, arts and sports. Its CSR philosophy and objective is to re-enforce the bank’s image as ‘Not just for profit;’ the bank firmly believes in behaving ethically, following best practices and contributing to the economic development of the country at large.
As one of the leading banks in Pakistan, Allied Bank is committed to considering the interests of society and taking responsibility for the impact of its activities on customers, employees, shareholders, communities and the environment in all aspects of its operations.