Dawood Group entered into a joint venture agreement with the Bank of
Ceylon (BOC), Colombo, on March 17, 2003 to amalgamate the business of
BOC Pakistan operations into a banking company to be set up for this
purpose under a scheme of amalgamation. Consequent upon the agreement,
Dawood Bank Limited (DBL) was incorporated in Pakistan on July 17, 2003
as a Public Limited Company under the Companies Ordinance 1984 with the
object of conducting banking business and related services. Banking
licence was issued to the Bank by State Bank of Pakistan under Banking
Companies Ordinance 1962 on 25th March, 2004 with effect from which DBL
started the banking business by taking over Pakistan operations of BOC.
Controlling shares are held by members of Dawood Family and their
business concerns including Dawood Foundation, a welfare organization,
registered under the Societies Registration Act 1860, while 14.15%
shares are held by Bank of Ceylon, Colombo, Sri-Lanka.
Dawood Group is a distinguished
and trusted name in Pakistan tracking its origin back to almost a
century when the Dawood Family started business in undivided India. The
Dawood Group of Industries is a diversified conglomerate spanning the
textile, chemical, oil & gas, information technology and financial
sectors, consisting of the well known Dawood Corporation (Pvt.) Ltd.,
Dawood Hercules Chemicals Ltd., Dawood Lawrencepur Ltd., Sach
International (Pvt.) Ltd., Central Insurance Company, Inbox Business
Technologies (Pvt.) Ltd., Dawood Foundation, etc. with substantial share
holding in other ventures also. Net worth of the Group runs into multi
The President & Chief Executive of the Bank, Mr. M. Moazzam Khan,
has a distinguished 34 years' career in commercial banking. He has
worked in top management positions with leading commercial banks at home
and abroad. He is a highly knowledgeable career banker, well known among
the business community. He has a team of top class professional bankers
to assist him in taking the bank to new heights.
KEY FINANCIAL FIGURES
As on 30/09/05
(Rupees in Millions)
Pre tax Profit
BRANCH NETWORK: Presently
the Bank has five branches in operation. Three branches are functioning
in Karachi, one in Lahore and one in Islamabad. The Bank is continuing
the branch network expansion policy with emphasis on its presence in
major cities at prime locations.
The renovation work for three
branches viz. Shahrah-e-Faisal-Karachi, SITE-Karachi and The Mall-Lahore
is nearing completion and another three branches are expected to be
functional in November, 2005. The work on remaining seven branches as
per Branch Expansion Plan 2005, approved by State Bank of Pakistan, is
also in full swing.
CORPORATE PHILOSOPHY: 'Putting
the Customer First' forms the central part of Dawood Bank's Corporate
Philosophy. It is central because it defines the Bank's internal as well
as external image.
'Customer First' is the state
of mind producing an organization which strives to be the best in
banking with its staff committed to be First in Service.
PRODUCTS & SERVICES: Dawood
Bank provides a complete range of banking services to its customers. It
has developed a large variety of customer-friendly products with
state-of-the-art technology and delivery system i.e. strong delivery
mechanisms supported by software applications, process and systems. The
products are offered at the most competitive rates and so are the
Precisely speaking, at Dawood
Bank, the customers have a complete sense of satisfaction over the
profit on deposits, mark-up on financing and other charges as well as on
the quality of service.
CREDIT RATING: The
Pakistan Credit Rating Agency Limited (PACRA) has assigned a long-term
rating of "BBB-"(Triple B Minus) and short term rating of
"A3" (A Three) which looks optimistic. Association of the Bank
with Dawood Group is particularly important which, in fact, has also
been highlighted by PACRA in its press release of 16th June, 2005 in the
daily "Business Recorder".
With vast international correspondent relationships, Dawood Bank is well
equipped to cater the requirements of international trade and finance
around the globe at the most competitive rates of exchange and service