Pakistan Industrial Credit and Investment Corporation
| Industry | Banking and Financial |
|---|---|
| Founded | 1957 |
| Headquarters | |
| Subsidiaries |
|
Pakistan Industrial Credit and Investment Corporation (PICIC) is a financial institution in Pakistan, one of the first Development finance institutions established with the World Bank Group assistance in 1957.[1] In 2007, PICIC Commercial Bank was bought by Singapore owned NIB Bank.[2]
History[]
PICIC Insurance Limited is a part of the Temasek Holdings. NIB Bank Limited a Temasek's subsidiary in Pakistan, is a major shareholder of PICIC Insurance Limited with a 30% stake. Temasek Holdings is an investment company owned by the Government of Singapore, it manages a portfolio of more than US$100 billion, focused primarily in Asia.
Recent development[]
Recently, PICIC Insurance Ltd announced that Sakib Berjees along with a consortium of investors is in the process of establishing a special purpose vehicle (SPV) to be named Sakib Berjees & Consortium (Private) Limited for the acquisition of 30% stake in the Company from NIB Bank Ltd which currently holds 30% stake only in the Company.[3]
References[]
- ^ "PICIC: Corporate Profile (Pakistan Industrial Credit and Investment Corporation)". Dawn (newspaper). 1 May 2002. Retrieved 1 October 2021.
- ^ PICIC merged with NIB Bank Business Recorder (newspaper), Published 1 January 2008, Retrieved 2 October 2021
- ^ PICIC approves acquisition by Crscent Star Insurance. The Express Tribune. Published 29 June 2016, Retrieved 2 October 2021.
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- Investment management companies of Pakistan
- Financial services companies established in 1957
- Pakistani companies established in 1957
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