Habib Canadian Bank
Habib Canadian Bank entered the Canadian banking market as a Schedule II bank, opening its first office in Mississauga, Ontario in 2001. The bank has since opened an additional branch in Toronto. Habib Canadian Bank is part of a well-known, Pakistan based group of privately owned banks. Habib Canadian Bank is a wholly owned, foreign subsidiary of Habib Bank AG; headquarter in Zurich Switzerland that is recognized for its innovative use of banking technology.
Habib Bank Mergers
The Habib family formed Habib Bank, AG, Zurich, in 1967, in Switzerland partly due to the unstable political climate in Pakistan. Once the banks were nationalized by the Pakistan government in the 1970s, the Habib Bank, AG Zurich, was funded and expanded in oversees markets and now is ranked among the top 600 banks in the world for its amount of capital.
In an ironic twist, the Habib Bank, AG Zurich created a presence in Pakistan in 1992, as a foreign ban, although it is run and owned by Pakistani nationals. Thereafter, in 2006, The Pakistan Zurich operation merged into the Habib owned Metropolitan Bank Limited, and is now named, Habib Metropolitan Bank Limited. Habib Bank, AG Zurich also recently applied to be a foreign investor in India, where the banking laws restrict investments from Pakistan corporations. As Habib bank Zurich is incorporated in Switzerland; the Indian law restricting Pakistani investment will most likely be sidestepped.
Habib Bank Canada Services
The Habib Bank Canada offers personal, business, commercial, foreign exchange services, and international trade services that include, letters of credit, treasury services and dealings in gold and silver bouillon. It provides all types of personal banking and is a member of the CDIC and CBA. It has revolutionized the use of technology in its advanced e-banking services and the creation of a Java and Sybase ASE banking system.
The parent company, Habib Bank, AG Zurich, has operations in the United Arab Emirates, the United Kingdom, Kenya and Pakistan. It has three other foreign subsidiaries, besides Canada in the Isle of Man and South Africa. Habib Bank, AG Zurich has over 50 worldwide branches and thousands of employees and customers. Habib Bank Canada, with its innovative banking technology, and full array of personal and corporate banking services is forecast for future growth in the Canadian market.
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