Financial Services

The commercial banking sector in Pakistan can be segregated into three categories - (1) five large commercial banks with total branches in excess of 700 each. Four of these banks have been denationalized in recent years, (2) branches of foreign banks in Pakistan and (3) local private banks.

The market has been dominated by five large commercial banks. Foreign banks have been in operation for a long time as well, but their business is concentrated with large multinational clients. Local private banks were allowed to be formed in 1991 and currently there are about 20 such banks, which tend to serve local small to medium-sized enterprises.

We currently audit and provide tax services to 13 banks from these categories. Most of these banks have sizeable operations in Pakistan and our client portfolio includes large banks in all the three categories. In addition, we have provided internal audit services to two banks and acted as adviser to the Privatization Commission for the privatization activities of two banks.

The banking clients are serviced by our professional staff who have received training specifically for these audits. Our banking group exceeds 150 members and most of them have worked for more than two years on bank audits. In addition, we draw on the resources of KPMG LLP (UK)'s financial services group, which is closely involved on most foreign bank audits. Members of our staff have been seconded to the financial services group of KPMG LLP (UK) in London to receive training and to help the London office in its busy period.

We also have a fair share of general insurance, life insurance and health insurance companies operating in the country.

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