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The banking sector has witnessed a dramatic change during the last
ten years with the development of Askari Bank, which is not only redefining
priorities and focus of the banks, but also threatening the domination of
traditional players.
The story begins with the incorporation of Askari Commercial Bank
limited in Pakistan on October 09, 1991, Askari Bank Commenced (begin) to
operations in April 1992, as a public limited company. The bank is listed on
the Karachi, Lahore and Islamabad Stock Exchanges and the initial public
offering was over subscribed by 16 times.
While capturing the target market share amongst the view banks,
Askari has provided good value to its shareholders. Its share price has
remained approximately 12% higher than the average share price of quoted
banks during the last four years.
Askari Bank is the only bank with its operational head office in the twin
cities of Rawalpindi-Islamabad, which have relatively limited opportunities as
compared to Karachi and Lahore. This created its own challenges and
opportunities, and forced as to evolve an outward-looking strategy in terms
of Askari market emphasis. As a result, Askari developed a geographically
diversified assets base instead of a concentration and heavy reliance on
business in the major commercial centers of Karachi and Lahore, where
most other banks have their operational Head offices.
Askari Commercial Bank is the only Private Sector bank that has been
approved by the World Bank as a Participating Financial Institution for the
US$ 200 million Line of Credit sanctioned (authorized) to the Government of
Pakistan for the Financial Sector Deepening and Intermediation Project.