Arif Habib Corporation Explained

Arif Habib Corporation Limited
Type:Public
Location:Karachi-74000, Pakistan
Founder:Arif Habib
Revenue Year:2023
Net Income Year:2023
Equity Year:2023
Assets Year:2023
Num Employees Year:2023
Footnotes:Financials [1]
Subsid:Sachal Energy Development Limited (85.83%)
Arif Habib Limited (72.92%)
Rayaan Commodities (72.92%)

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

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 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

Former

Other companies

Notes and References

  1. Web site: Arif Habib Annual Report 2023. arifhabibcorp.com. 8 December 2023.
  2. Web site: Arif Habib Group . 2017-12-25 . 2017-12-23 . https://web.archive.org/web/20171223104628/http://arifhabib.com.pk/about.php . live .
  3. News: Arif Habib Group seeks new post-crisis identity. 9 September 2010. The Express Tribune. 16 June 2021. 28 May 2014. https://web.archive.org/web/20140528184605/http://tribune.com.pk/story/48292/arif-habib-group-seeks-new-post-crisis-identity/. live.
  4. News: Pakistan, Land of Entrepreneurs. Naween A.. Mangi. Bloomberg. 30 November 2012. 16 June 2021. 6 March 2021. https://web.archive.org/web/20210306184809/https://www.bloomberg.com/news/articles/2012-11-29/pakistan-land-of-entrepreneurs. live.
  5. News: Arif Habib to set up power plant with Chinese funding. The Express Tribune. 9 August 2017. 16 June 2021. 12 November 2020. https://web.archive.org/web/20201112010053/https://tribune.com.pk/story/1477044/arif-habib-set-power-plant-chinese-funding. live.
  6. News: Arif Habib Group to invest Rs25b in new cement plant. The Express Tribune. 18 January 2017. 16 June 2021. Farhan Zaheer. 10 September 2018. https://web.archive.org/web/20180910170143/https://tribune.com.pk/story/1299566/arif-habib-growup-inject-rs25b-cement-plant/. live.
  7. News: Arif Habib Corp acquires 28% stake in Silkbank. 9 December 2015. 16 June 2021. The Express Tribune. 4 July 2019. https://web.archive.org/web/20190704133929/https://tribune.com.pk/story/1006469/arif-habib-corp-acquires-28-stake-in-silkbank/. live.

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