Pakistan Industrial Credit and Investment Corporation

Pakistan Industrial Credit and Investment Corporation (PICIC) is a financial institution in Pakistan, one of the first Development finance institutions establishitutioned with the World Bank Group assistance in 1957.[1] In 2007, PICIC Commercial Bank was bought by Singapore owned NIB Bank. Recently, NIB Bank has sold its thirty percent stake to Sakib Berjees & Consortium Private Limited.[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]

Subsidiaries

References

  1. ↑ https://www.dawn.com/news/30389
  2. ↑ Editorial, Reuters. "${Instrument_CompanyName} ${Instrument_Ric} Key Developments - Reuters.com". U.S.
  3. ↑ "Slideshows - The Express Tribune". The Express Tribune.
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