Atlas Bank
Encyclopedia
The Atlas Group
established Atlas Investment Bank in 1990 as a joint venture between Atlas Group and the Bank of Tokyo-Mitsubishi, Japan
. With an associated company, Atlas Lease Limited formed in 1989 as a joint venture between the Atlas Group, the Bank of Tokyo-Mitsubishi, Japan and the National Investment Trust, Pakistan
was merged into the Bank in February, 2002. After the merger, the shares of the joint venture partners were taken over by the Group. The head office of the Bank is situated in Karachi
with branch offices in Lahore
, Islamabad
and Faisalabad
. The Bank is a member of all the three stock exchange
s in Pakistan
. Going forward, the Group acquired a commercial bank i.e., Dawood Bank Limited in 2005 and change its name to Atlas Bank Limited and merged the Atlas Investment Bank Limited in it.
Atlas Bank is launching a Wealth Management group, geared towards high net worth individual
s in Pakistan. Wealth Management group will offer numerous products, along with financial planning, and will begin operations in 2008.
' Updated Merger News, April 2009'
In October 2008, Atlas Bank announced it was going to merge with the KASB group, however since a consensus on the way forward between the two parties could not be reached a decision by the sponsors for both banks was taken to withdraw from the planned merger with KASB Bank. However, a new potential merger was announced early April 2009 between Atlas Bank Limited and Saudi-Pak Commercial Bank. An MOU was signed between the two banks to proceed with due diligence to determine a swap ratio.
Atlas Group
The Atlas Group is a diversified dealing in engineering, financial services and trading. The Atlas Group was laid in 1962, with the establishment of Shirazi Investments Limited...
established Atlas Investment Bank in 1990 as a joint venture between Atlas Group and the Bank of Tokyo-Mitsubishi, Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
. With an associated company, Atlas Lease Limited formed in 1989 as a joint venture between the Atlas Group, the Bank of Tokyo-Mitsubishi, Japan and the National Investment Trust, Pakistan
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
was merged into the Bank in February, 2002. After the merger, the shares of the joint venture partners were taken over by the Group. The head office of the Bank is situated in Karachi
Karachi
Karachi is the largest city, main seaport and the main financial centre of Pakistan, as well as the capital of the province of Sindh. The city has an estimated population of 13 to 15 million, while the total metropolitan area has a population of over 18 million...
with branch offices in Lahore
Lahore
Lahore is the capital of the Pakistani province of Punjab and the second largest city in the country. With a rich and fabulous history dating back to over a thousand years ago, Lahore is no doubt Pakistan's cultural capital. One of the most densely populated cities in the world, Lahore remains a...
, Islamabad
Islamabad
Islamabad is the capital of Pakistan and the tenth largest city in the country. Located within the Islamabad Capital Territory , the population of the city has grown from 100,000 in 1951 to 1.7 million in 2011...
and Faisalabad
Faisalabad
Faisalabad , formerly known as Lyallpur, is the third largest metropolis in Pakistan, the second largest in the province of Punjab after Lahore, and a major industrial center in the heart of Pakistan. Before the foundation of the city in 1880, the area was very thinly populated. The population has...
. The Bank is a member of all the three stock exchange
Stock exchange
A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...
s in Pakistan
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
. Going forward, the Group acquired a commercial bank i.e., Dawood Bank Limited in 2005 and change its name to Atlas Bank Limited and merged the Atlas Investment Bank Limited in it.
Atlas Bank is launching a Wealth Management group, geared towards high net worth individual
High net worth individual
A high-net-worth individual is a person with a high net worth. In the private banking business, these individuals typically are defined as having investable assets in excess of US$1 million. As explained below, the U.S...
s in Pakistan. Wealth Management group will offer numerous products, along with financial planning, and will begin operations in 2008.
Merger with KASB
In October, 2008, Atlas Bank was acquired by the KASB group. The new bank was named KASB-Atlas Bank.' Updated Merger News, April 2009'
In October 2008, Atlas Bank announced it was going to merge with the KASB group, however since a consensus on the way forward between the two parties could not be reached a decision by the sponsors for both banks was taken to withdraw from the planned merger with KASB Bank. However, a new potential merger was announced early April 2009 between Atlas Bank Limited and Saudi-Pak Commercial Bank. An MOU was signed between the two banks to proceed with due diligence to determine a swap ratio.