Picic merged with NIB Bank

The State Bank of Pakistan has approved the schemes of amalgamation and consequently the merger of Picic and Picic Commercial Bank with and into NIB Bank following the acquisition of Picic by NIB on June 28, 2007. The three institutions were merged on December 31, 2007.
This merger has resulted in NIB Bank becoming the seventh largest bank in the country in terms of distribution network with 240 branches and total assets exceeding Rs l85 billion. NIB is now the second most highly capitalised bank in the country with paid up capital exceeding Rs 27.5 billion.
Apart from commercial banking, NIB through its subsidiaries and affiliates, is now also a significant player in the asset management and insurance businesses, thereby providing a wide range of services to its customers.
Temasek Holdings remains the single largest investor in NIB. Temasek is the investment arm of Government of Singapore and manages an investment portfolio in excess of $100 billion.
To realise its aggressive growth objectives NIB has developed a segmentation strategy through which it will offer a unique banking experience to customers in each of its Corporate, Commercial and Consumer business segments. For this purpose NIB has organised itself around two specific principles. First, NIB will be a customer-centric organisation, which means that in whatever it does, the customer will always come first.
Second, there will be a strong focus on efficiency, which means that whatever NIB does, it will do in the shortest possible time and at the lowest possible cost.
This merger is one step forward in consolidating the banking sector as envisioned by State Bank of Pakistan and enhancing FDI as per the Government of Pakistan's objectives. The strong franchises of these entities have now been brought together to form a large and powerful bank.
The combined bank will be a top performer delivering a wide range of financial services through an extensive branch network and is expected to quickly achieve its vision of ranking amongst the five top banks in the country.