Arif Habib Corporation

Arif Habib Corporation Limited, also known as the Arif Habib Group, is a Pakistani business conglomerate headquartered in Karachi, Pakistan.[2] The corporation was founded by Pakistani businessman Arif Habib.[2]

History

Arif Habib Group started its operations as a pure capital markets firm in 1970 and was engaged in brokerage business since its inception.[3] In 1994, it incorporated itself as the Arif Habib Securities.[3]

In 2006, Arif Habib acquired Rupali Bank and renamed it as Arif Habib Bank.[3]

In 2007, Arif Habib was considered a fairly large financial services conglomerate in Pakistan.[3][4] It owned one large asset management company, a big investment bank, a securities brokerage firm and a retail bank.[3] During the 2008 worldwide financial crisis, it was at brink of collapse.[3]

In 2009, Arif Habib sold the bank to Suroor Investments for ₨2.7 billion (US$32.5 million) which then merged with Atlas Bank and Mybank to form Summit Bank.[3]

In 2010, Arif Habib merged its investment arm, Arif Habib Investments, with MCB Asset Management to form the MCB-Arif Habib Savings and Investments Limited.[3]

Subsidiaries

• Sachal Energy Development Limited (85.83%)[5]
• Pakistan International Airlines (75%)[6]
• Arif Habib Limited (72.92%)
• Rayaan Commodities (72.92%)
• Safe Mix Concrete (32.40%)
• Javedan Corporation (19.84%)
• Aisha Steel Mills (13.8%)
• Fatima Fertilizer Company (15.19%)[3]
• Power Cement (6.50%)[7]

See also

• Fatima Group