BankHeadOffice.com
         Bank Head Office Worldwide

 

 ♦ Loan Calculators
♦ Mortgage Guides
♦ Banking FAQs
 ♦ Banking Institutions
 ♦ Central Banks Worldwide

 

 
 
 
 
Home  »  State Bank of Pakistan  »  NIB Bank
NIB Bank
 

NIB Bank Limited started as NDLC-IFIC Bank Ltd. which was incorporated in March 2003 as a public limited company.

It started operations in October 2003 when all assets, liabilities, rights and obligations of the former National Development Leasing Corporation (NDLC) and Pakistan operations of IFIC Bank were amalgamated with and into the Bank with a paid up capital of Rs.1.2bn. In April 2004 the Pakistan operations of Credit Agricole Indosuez were also amalgamated with and into NIB.

In March 2005 Temasek Holdings of Singapore acquired 25% shareholding in NIB Bank, through Bugis Investments. This shareholding was further enhanced to over 70% in June '05 following an increase in NIB's paid up capital to Rs 3.4 bn. NIB Bank has since grown rapidly from a base of 2 branches in 2003 to 45 in the 4th quarter of 2007, with a corresponding increase in its assets and deposits base.

  
 

NIB Bank's vision is to rank amongst the top 5 banks in the country. Therefore towards the end of June 2007 it acquired majority shares of PICIC with the aim of merging PICIC and its commercial banking subsidiary PICIC Commercial Bank Limited (PCBL) into NIB. The acquisition was financed through the country's largest private sector rights issue, with resultant increase in NIB's paid up capital to Rs.22.0 bn.
 
  NIB Bank
Category : Privatized Banks
SWIFT Code : NIBPPKKA

Address :
Muhammadi House
I.I.Chundrigar Road
Karachi

Telephone : +92-21 111-642-111

Website :  www.nibpk.com

Search other banks in Pakistan

The legal merger of PICIC & PCBL into NIB took place on December 31, 2007, once all regulatory approvals were in place. NIB Bank continues to be led by Khawaja Iqbal Hassan, supported by four business heads and ten business enabling function heads. The merger resulted in a vastly expanded branch network and total assets of Rs 176.6 bn on merger date. NIB has the highest paid up capital of Rs. 40.4 bn amongst all banks in Pakistan.

 

Merger synergies include lower cost deposits, enhanced customer service delivery channels and overall improved efficiencies. These help provide a competitive edge in the face of increasing competition in the banking sector. Temasek Holdings continues to be the largest single investor in NIB Bank with approximately 74% shareholding. The powerful franchise of the three merged entities has been brought together to form a much larger and stronger bank to complete in the market place.
 

DISCLAIMER
The content comes from Internet, reasonable efforts are made to maintain accuracy of information published.
However, information could contain errors or inaccuracies and is presented without warranty and statutory means.
Viewers are advised to consult their banker or financial consultant for complete information and their professional advise.
No liability is assumed for errors or omissions. All trademarks, logos, brand names and copyrights are the property of their respective owners.

© 2011 - 2022 BankHeadOffice.com ® All Rights Reserved