NIB Bank was a
Pakistani
Pakistanis (, ) are the citizens and nationals of the Islamic Republic of Pakistan. Pakistan is the fifth-most populous country, with a population of over 241.5 million, having the second-largest Muslim population as of 2023. As much as ...
private, commercial
bank
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
based in
Karachi
Karachi is the capital city of the Administrative units of Pakistan, province of Sindh, Pakistan. It is the List of cities in Pakistan by population, largest city in Pakistan and 12th List of largest cities, largest in the world, with a popul ...
. It was formed in 2003 as a result of merger of
IFIC Bank and the National Development Leasing Corporation (NDLC), and this newly formed entity was called the NDLC-IFIC Bank (NIB).
The bank was established through the efforts of Khuwaja Iqbal Hassan and
Sultan Ali Allana (now Chairman, HBL). In 2004, soon after NIB's creation, Fullerton Financial Holdings, a subsidiary of
Temasek Holdings
Temasek Holdings (Private) Limited ( ) is a Singaporean State ownership, state-owned multinational investment firm. Incorporated on 25 June 1974, Temasek has a net portfolio of US$288 billion (S$389 billion) as of 2024. Headquartered at Orchard ...
, acquired a majority stake in the bank. This was one of the largest
foreign direct investments
A foreign direct investment (FDI) is an ownership stake in a company, made by a foreign investor, company, or government from another country. More specifically, it describes a Controlling interest, controlling ownership an asset in one country ...
in Pakistan at that time.
Fullerton Financial Holdings at that time had stakes in banks across Asia and ran highly successful SME and commercial businesses. Their models were adopted at NIB Bank and the Pakistan banking industry saw its first structured commercial and SME lending programs.
As of Dec 31, 2015 NIB Bank had a paid up capital of PKR 103 billion and total assets of PKR 243 billion. The bank had presence in 52 cities in Pakistan with over 170 branches connected online. NIB Bank had around 3,000 employees and its head office was in the city of Karachi. NIB Bank's main business units included Retail Banking, Commercial Banking, Corporate and Investment Banking and Treasury Services. The Bank competed with all other major banks operating in Pakistan.
NIB bank ceased its operations in Pakistan with effect from July 7, 2017 and its assets now stand amalgamated into MCB.
Senior management
Atif R. Bokhari was the President and currently the Chief Executive Officer of NIB Bank is Yameen Karai.
Teo Cheng San, Roland has been an independent Chairman of the Board of NIB Bank since 1 August 2011.
History
NIB Bank completed ten years of operations in 2013. The Bank came into being in October 2003 after two financial entities were merged: the National Development Leasing Corporation (NDLC) and IFIC Bank. The new bank was named NIB Bank.
As NIB Bank grew, it continued to acquire more banks. The Pakistan-based operations of Credit Agricole Indosuez were acquired in April 2004. In 2007, PICIC Commercial Bank Limited was also acquired by NIB Bank.
Pakistan Industrial Credit & Investment Corp. Ltd was merged with NIB Bank on 01-Jan-2008.
Financial indicators – financial year 2015
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References
External links
Official website
{{Nishat Group
Defunct banks of Pakistan
Pakistani companies established in 2003
Banks established in 2003
Companies based in Karachi
Mergers and acquisitions of Pakistani companies
Banks disestablished in 2017
Pakistani companies disestablished in 2017
Companies formerly listed on the Pakistan Stock Exchange