The National Bank of Pakistan is the country’s first bank that was established in 1949 as an absolute government bank (NBP, 2014). Until the development of the State Bank of Pakistan, the National Bank of Pakistan operated as the central regulatory bank of the government. The opening branch, which is currently the principal office, is located in Karachi.
The bank offers public sector services as well as commercial banking services, despite it being wholly government-owned. Over the years, the bank has created a variety of products that are crucial for progress and that accommodate the different needs of the society. The range of products offered includes corporate banking, treasury services, savings, loans, consumer banking and agricultural financing (Ahmed, 2006). In the year 2006, the bank added Islamic banking among its range of products to boost growth and increase revenues. The premier Islamic branch became operational at Karachi and later on the Peshawar. Later on, the bank founded Lahore branches as an expansion program. Currently, there are eight branches of Islamic banking that are well distributed across the country.
The National bank of Pakistan, like any other profit-making institution, seeks to make the best out of the services it offers to consumers. As a result, branches have been established both locally and internationally to enable the accomplishment of the banks mission. Locally, the bank has over 1,200 branches across 29 regions while internationally; there are more than 16 branches in different countries (Bonaccorsi, 2005). These countries include Canada, Bangladesh, France, Saudi Arabia and Egypt. Presently, on-line banking seems to work efficiently for most modern day holders of accounts thus making it a bank of choice. Therefore, the bank has established 1350 on-line banking branches all over to meet increasing consumers’ requirements.
Further, the bank takes on corporate social responsibility initiatives for the gain of the whole community. The bank’s initiatives include education, wellbeing of women and children, health, disabled, culture and sports (Khan, 2007). Recently, the bank received a gold medal award to appreciate its social responsibility’s actions in the country. To this end, the National Bank of Pakistan is the most popular bank in Pakistan.
References
Ahmed, I., Gul, S., Hayat, U., & Qasim, M. (2006). Service quality, service features and customer complaint handling as the major determinants of customer satisfaction in banking sector: a case study of National Bank of Pakistan.
Bonaccorsi di Patti, E., & Hardy, D. C. (2005). Financial sector liberalization, bank privatization, and efficiency: Evidence from Pakistan. Journal of Banking & Finance, 29(8), 2381-2406.
Khan, M. S., & Mirakhor, A. (2007). Islamic banking: Experiences in the Islamic Republic of Iran and in Pakistan. Economic Development and Cultural Change, 353-375.
National Bank of Pakistan (2014). About us Retrieved from http://www.nbp.com.pk/AboutUs/index.aspx
