This is second oldest bank in the Maldives and started its operation in Maldives on 11 April 1976. HBL was the first commercial bank to be established in Pakistan in 1947. The Government of Pakistan privatized HBL in 2004 through which an international development agency based in Swiss, Aga Khan Fund for Economic Development (AKFED) acquired 51% of the Bank's shareholding and the management control. The remaining 41.5% shareholding by the Government of Pakistan was divested in April 2015. AKFED continues to retain 51% shareholding in HBL while the remaining shareholding is held by individuals, local and foreign institutions and funds.
Its operation in Maldives is not that large with two branches (Male’ and Hulhumale) and is focused on few sectors and has over 30 staff. But still has close to MVR3 billion total assets (USD182 million) and a loan portfolio of about MVR660 million in 2021 while its total deposit totaled MVR2.20 billion.