KARACHI (December 20 2006): The Board of Directors of Pakistan Industrial Credit and Investment Corporation (Picic) has unanimously approved that its due diligence and that of its subsidiaries may be conducted by the NIB Bank Ltd backed by Temasek Group of Singapore.
The Board at its meeting held here on December 18 also authorised the management to execute confidentiality agreement with the buyer in this regard. Earlier, a group of shareholders had informed the Picic of their intent to sell their shareholding including beneficial ownership in the Picic.
The State Bank of Pakistan (SBP) has also given no objection to NIB Bank to carry out due diligence of Picic and Picic Commercial Bank Ltd, It will be conducted in the shortest possible time. KPMG Taseer Hadi & Co has been appointed to assist in due diligence.
Copyright Business Recorder, 2006 
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41.98 
