Bank of Punjab

The Bank of Punjab (بینک آف پنجاب) is a Pakistani bank which is based in Lahore, Pakistan. It serves Pakistan and functions as an international bank and is one of the prominent financial institutions of the country holding AA ratings from PACRA.

The Bank of Punjab
TypePublic
IndustryBanking, insurance
Founded1989 (1989)
HeadquartersLahore, Pakistan
Key people
Zafar Masud (CEO)[1]
ProductsCredit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management
RevenuePKR 7.6 Billion (2017)[2]
PKR 4.7 Billion (2017)[2]
Number of employees
6,092 [3]
Websitewww.bop.com.pk

History

The bank was established in 1989, pursuant to The Bank of Punjab Act 1989, and was given the status of a retail bank in 1994.[4]

Overview

The Bank of Punjab was founded by Tajammal Hussain and it functions as a scheduled commercial bank, with a network of over 587 branches in major business centres throughout the country.[5] It is the seventh largest commercial bank of the Country. It provides a wide range of banking services including deposit in local currency; client deposit in foreign currency; remittances; and advances to business, trade, industry and agriculture. First Punjab Modaraba (FPM), a wholly owned subsidiary of the bank, was established in 1992, and is being managed by Punjab Modaraba Services (Pvt) Ltd.[6]

Currently, the Bank of Punjab is headed by Zafar Masud who joined as President and CEO on April 16, 2020 after being appointed by the Government of Punjab, Pakistan earlier and later being approved by the State Bank of Pakistan.[7]

Market maker

Pakistan Stock Exchange designated Bank of Punjab a Market Maker for debt securities.[8][9][10][11]

Partnerships and Acquisitions

1Link Partnership (March, 2019)

The Bank of Punjab partnered with 1Link - PSO/PSP, payment and switch system in Pakistan – to digitize Punjab Employees’ Social Security Institution (PESSI) to allow employees to collect, disperse or share payments across the county, using digital channels.[12]

Punjab Safe Cities Authority (October, 2018)

The Bank of Punjab partnered with Punjab Safe Cities Authority in October 2018 to power e-Challan collection through automated monitoring system installed across Lahore. The service will allow Punjab government subsidiaries such as Traffic police to collect challan right at the spot with ease.[13]

Karandaaz Pakistan (January 2015)

The Bank of Punjab signed a memo (MoU) with Karandaaz Pakistan – an investment platform for businesses – to allow government to digitize their payments. The deal will facilitate citizens of Pakistans to conduct digital transactions, enabled by Karandaaz tech, and grow a suite of digital financial services to support both government and citizens.[14]

Notes
  1. "Bank of Punjab CEO Zafar Masud, another passenger miraculously survive PIA plane crash". Geo News. 22 May 2020. Retrieved 22 May 2020.
  2. https://www.bop.com.pk/Documents/Financials/Annual%20Accounts/BOP%20Annual%20Report%202017%20%2016.5.18.pdf/
  3. http://www.sbp.org.pk/stats/Balance/2013/Bank%20of%20Punjab.pdf
  4. "The Bank of Punjab – Business Recorder". Retrieved 2020-12-31.
  5. "Bank of Punjab posts significant growth in earnings". The Express Tribune. October 27, 2018.
  6. MarketScreener. "First Punjab Modaraba : Board of directors meeting of First Punjab Modaraba | MarketScreener". www.marketscreener.com. Retrieved 2020-12-31.
  7. "Zafar Masud appointed Bank of Punjab President". Pakistan Today. 2020-04-16. Retrieved 2020-05-24.
  8. Ahmed, Ali (2020-12-18). "Bank of Punjab becomes Market Maker for Debt Securities on Pakistan bourse". Brecorder. Retrieved 2020-12-31.
  9. "Bank of Punjab becomes Market Maker for debt securities on PSX". The Nation. 2020-12-20. Retrieved 2020-12-31.
  10. Staff, ProPK. "Bank of Punjab Becomes Market Maker for Debt Securities on PSX". Retrieved 2020-12-31.
  11. "Bank of Punjab Becomes Market Maker for Debt Securities on PSX". Daily Times. 2020-12-20. Retrieved 2020-12-31.
  12. https://www.bop.com.pk/Documents/PressRelease/BOP%20PR%2027-3-19.pdf
  13. https://www.bop.com.pk/Documents/PressRelease/BOP%20Press%20Release%2030-10-2018.pdf
  14. https://www.bop.com.pk/Documents/PressRelease/BOP%20Press%20Release%20%2007-01-2016.pdf

References
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