Bank plays a significant role in the development of a country as it supports its economy financially. Pakistan is running a variety of Islamic and commercial banks. Standard Chartered Bank is among these considerable banks which is officially recognized as Standard Chartered Bank Pakistan Limited, it deals with the banking and financial services of Pakistan and is utterly owned by Standard Chartered. It is the oldest and leading foreign commercial bank of the country. When the Chartered Bank of India, Australia and China first commenced their operation in Karachi, they launched their foremost branch in Pakistan in 1863.Head quarter of the bank is in Karachi, Pakistan.
The Union Bank of Pakistan was also acquired by Standard Chartered in 2006 and then soon it amalgamated Union Bank to its own auxiliary on 30th December in 2006. This bank is known to be the 6th largest bank of Pakistan, as it is the fastest growing bank in Pakistan. The bank has hired almost 4000 employees to facilitate their consumers. The bank has a vast network of 132 branches across 29 cities in Pakistan. It mostly deals with the Whole Sale and Consumer Banking of the country. It is the first International bank to get a hold of an Islamic Banking license and was the first Islamic Bank to launch its branch in Pakistan. PARCA rated Standard Chartered AAA/A1+ the highest long term rating ever assigned to any private commercial bank.
The bank has been awarded by Finance Asia as the Best Foreign Commercial Bank in Pakistan, Best International Bank in Pakistan by Trade Finance magazine in 2009, Best Foreign Exchange Provider from Global Finance Magazine in 2010, Triple A awards for the Best Debt House in Pakistan award by the Asset and in 2009 Best Credit Card Provider in Pakistan award was awarded by the Consumer Association of Pakistan.
The bank has membership with Pakistan Business Council, OICCI, Pakistan Banks Association and Pakistan Institute of Corporate Governance (PICG). Their mission is to lead as the best bank in Pakistan by their superior presentation and maintain service excellence. Standard Chartered Bank provides the facility of Banc assurance to the customers, from which they can obtain financial protection from the bank, more insurance facilities are provided which includes Secure Life Plan, Mustaqbil, Invest n insurance, Iqra Education Insurance, Family Care, Sarmaya Plus and Cash Cover Plus. The bank is also listed on Karachi, Islamabad and Lahore Stock Exchanges.