| Type | Public (KSE: ATBL) |
|---|---|
| Founded | 1990 |
| Products | Credit Cards, Savings, Consumer Banking etc. |
| Revenue | PKR 198 Million (2009)[1] |
| Net income | PKR 1.7 Billion (2009)[1] |
| Website | www.atlasbank.com.pk |
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 exchanges 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 individuals in Pakistan. Wealth Management group will offer numerous products, along with financial planning, and will begin operations in 2008.
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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[2]. 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.