Arif Habib Corporation
Arif Habib Corporation Limited, also known as the Arif Habib Group, (Urdu pronunciation: [ˈaː.rɪf ha.ˈbiːb] AA-rif hah-BEEB) is a Pakistani business conglomerate headquartered in Karachi, Pakistan.[2] The corporation was founded by Pakistani businessman Arif Habib.[2] HistoryArif 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 Rs. 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
Former
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