First Bank | MCQs

Explanation

 Habib Bank of Pakistan started its operation on August 17, 1947

The State Bank of Pakistan was inaugurated by Muhammad Ali Jinnah on 01 July 1948.

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Habib Bank Limited is a Pakistani multinational bank.

HBL was founded in 1940 by the Habib family.

HBL became Pakistan's first commercial bank.

In 1951 it opened its first international branch in Colombo, Sri Lanka.

The Government nationalized the bank in 1974 and privatized it in 2003.

In 2003 the Aga Khan Fund for Economic Development acquired a controlling share.

HBL major shareholding lies with the Aga Khan Fund for Economic Development (AKFED) which is based in Geneva, Switzerland.

As of 2018, HBL has 1700+ branches with presence in over 25 countries spanning four continents.

Explanation

HBL Bank gave a loan to Pakistan for its first budget

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HBL was the first commercial bank to be established in Pakistan in 1947

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HBL moved its operations to Pakistan in 1947 at the request of Muhammad Ali Jinnah, hence becoming the first commercial bank to lay its foundation in the country

ND5-2-2023