Arif Habib Corporation

Arif Habib Corporation Limited, also known as Arif Habib Group, (عارف حبیب کارپوریشن) is a Pakistani business conglomerate company based in Karachi, Pakistan.[2] It was founded by Pakistani businessman Arif Habib.[2]

Arif Habib Group
PSXAHCL
Founded1970; 53 years ago (1970)
FounderArif Habib
HeadquartersKarachi, Pakistan
RevenueUS$1 Billion[1]
Websitewww.arifhabib.com.pk

HistoryEdit

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, the group acquired Rupali Bank and renamed it as Arif Habib Bank.[3]

In 2007, the Arif Habib Group was considered a fairly large financial services conglomerate in Pakistan.[3] 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, the group sold the bank to Suroor Investments for Rs. 2.7 billion (US$32.5 million) which then merged with Atlas Bank and Mybank to form Summit Bank.[3]

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

The group currently consists of 13 companies spanning the real estate, financial services, energy, cement, steel and fertiliser production sectors.[1]

As of 2012, it had over 11,000 employees and an annual revenue of Rs. 100 billion.[1]

CompaniesEdit

  • Aisha Steel Mills
  • Sachal Energy Wind Farm[4]
  • Silk Bank[5]
  • Power Cement[6]
  • Arif Habib Corporation
  • Arif Habib Consultancy
  • Arif Habib Limited
  • MCB-Arif Habib Savings and Investments
  • Fatima Fertilizers [3]
  • Pakarab Fertilizers
  • Javedan Corporation
  • Arif Habib Commodities

ReferencesEdit

  1. ^ a b c Mangi, Naween A. (30 November 2012). "Pakistan, Land of Entrepreneurs". Bloomberg (business website). Retrieved 16 June 2021.
  2. ^ a b "Arif Habib Group". www.arifhabib.com.pk.
  3. ^ a b c d e f g h i "Arif Habib Group seeks new post-crisis identity". The Express Tribune (newspaper). 9 September 2010. Retrieved 16 June 2021.
  4. ^ "Arif Habib to set up power plant with Chinese funding". The Express Tribune (newspaper). 9 August 2017. Retrieved 16 June 2021.
  5. ^ "Arif Habib Corp acquires 28% stake in Silkbank". The Express Tribune (newspaper). 9 December 2015. Retrieved 16 June 2021.
  6. ^ Farhan Zaheer (18 January 2017). "Arif Habib Group to invest Rs25b in new cement plant". The Express Tribune (newspaper). Retrieved 16 June 2021.