This reports relates to the legal merger of PICIC Commercial Bank and NIB Bank will be completed by the end of current year, banking sources said here Tuesday. They said the name of the merged entity would be decided later after a market research. It may be noted that NIB Bank, a subsidiary of Singapore-based Temasek Holdings, had acquired PICIC Group on July 1, 2007, for Rs 20.5 billion equivalent to $342 million.
HISTORY OF BANKS:
PICIC COMMERCIAL BANK LIMITED:
PICIC Commercial Bank Limited was incorporated in 1993 as Schön Bank Limited and commenced its business on 4 April 1994, with a paid-up capital of PKR 500 Million. In 1997, Al Ahlia Portfolio Securities Company, Sultanate of Oman acquired the major shareholding and changed the bank’s name to Gulf Commercial Bank Limited. Thereafter, in February 2001, the bank’s management again changed when Pakistan Industrial Credit and Investment Corporation acquired 60% controlling shares from Al-Ahlia and changed its name to PICIC Commercial Bank in May 2001. Since acquisition, the bank performance has turned around and it is now among the fastest growing private commercial banks in Pakistan. At the time of takeover by PICIC in February 2001, the Bank had only 15 branches. Now it is the 6th largest bank in the country. On December 31, 2007, the operations of PICIC Commercial Bank were merged with and into NIB Bank Limited.
NIB BANK LIMITED
The NIB Bank Limited Nordic Investment Bank (formerly NDLC-IFIC Bank Limited) was incorporated in March 2003 as a publicly listed company. In October 2003, all assets and liabilities and all rights and obligations of the former National Development Leasing Corporation ("NDLC") and Pakistan operations of IFIC Bangladesh were amalgamated with and into NIB Bank. In April, 2004 the Pakistan operations of Credit Agricole Indosuez (the Global French bank) were also amalgamated with and into NIB Bank.
In 2007nNIB Bank acquired the assets Pakistan Industrial...