Pakistan Industrial Credit and Investment Corporation

Pakistan Industrial Credit and Investment Corporation
IndustryBanking and Financial
Founded1957; 67 years ago (1957)
Headquarters
Pakistan
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, through which is managed a portfolio of more than US$100 billion, focused primarily in Asia.

Leaders of PICIC Insurance Ltd announced in 2016 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

  1. ^ "PICIC: Corporate Profile (Pakistan Industrial Credit and Investment Corporation)". Dawn (newspaper). 1 May 2002. Retrieved 1 October 2021.
  2. ^ PICIC merged with NIB Bank Business Recorder (newspaper), Published 1 January 2008, Retrieved 2 October 2021
  3. ^ PICIC approves acquisition by Crscent Star Insurance. The Express Tribune. Published 29 June 2016, Retrieved 2 October 2021.
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