The Feerasta Family group businesses were built on hardwork and acumen of (Late) Mr. Jafferali Feerasta, ably assisted by his sons the (Late) Mr. Badruddin Feerasta & Alauddin Feerasta. With strong background in manufacturing, dating back to his earlier days in East Pakistan (now Bangladesh), Mr. Jafferali Feerasta was adept at spotting business opportunities and market gaps. He actively encouraged a culture of reinvestment for growth, eschewing displays of wealth in favour of putting profits back into family business in order for them to flourish. This enabled the family to add revenue streams to the business, beginning with related industries such as polyester filament yarn and polyester fibre manufacturing and then diversifying into the financial sphere. This culture of gradual accumulation of retained profits and considered investments in growing sectors is one that continues to permeate through the businesses he formed.
SONERI BANK LIMITED
Our Founding Chairman, Late Mr. Badruddin Feerasta and our Current Chairman Mr. Alauddin Feerasta, always felt the need of a Bank which caters to the banking and financials needs of small and medium sized customers / businesses, which are generally neglected by the large sized banks. This business segment was not satisfied by the quality of service provided by the Banks at that time.
In 1991, taking advantage of the then introduced financial deregulation of the economy and the Government’s invitation to reputed business groups for participation in banking, Feerasta Family, in 1992, launched a publicly quoted commercial Bank, Soneri Bank Limited, with a paid-up capital of Rs. 300 million (US$ 11.938 million; exch. @ 1USS=Rs. 25.1299 as of April 1992). In all, approvals for 10 banks were granted to those passing stringent criteria.
Soneri Bank’s subscription for local issue was oversubscribed by many folds, reflecting the excellent market reputation and trust of people on the sponsors of the bank.
After opening its doors for business with a branch in Lahore in April 1992, the bank has since opened branches in Karachi, Peshawar, Quetta, Mirpur (AJK), Gujranwala, Hyderabad, Sialkot, Gilgit and Faisalabad. Now, under its Branch network expansion program, the Bank is now operates with over 400 branches in more than 150 cities and towns including some in remote areas of the country.
The bank made remarkable progress in new technologies to automate processes and bring in efficiencies. The bank recently completed implementation of the T-24 state-of-the-art global core banking application to provide quick and innovative solutions to its customers.
Over the years, carrying forward the legacy, Soneri Bank has grown with the growth of Pakistan’s economy and has established a niche position in foreign trade financing of the country.
Soneri Bank Ltd. has an asset base of over Rs. 500 billion and deposit base of over Rs. 450 billion as of 31st March 2023. The trade finance business continues to grow from strength to strength and we maintain strong relationships with 400+ foreign correspondents all over the world.
The Bank’s accomplishments can be attributed to the Chairman’s vision and unwavering guidance, which are aligned with the bank’s core values and the commitment to providing exceptional customer services.