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Arif Habib Corporation
Corporation in Pakistan From Wikipedia, the free encyclopedia
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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]
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History
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, 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]
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Subsidiaries
- Sachal Energy Development Limited (85.83%)[5]
- Arif Habib Limited (72.92%)
- Rayaan Commodities (72.92%)
- Safe Mix Concrete (32.40%)
- Javedan Corporation (19.84%)
- Aisha Steel Mills (13.8%)
- Fatima Fertilizers (15.19%)[3]
- Power Cement (6.50%)[6]
Former
See also
References
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