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 The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and best-known development bank in the world and an observer at the United Nations Development Grou ...

assistance in 1957. In 2007,

PICIC Commercial Bank PICIC Commercial Bank Limited was a Pakistani bank based in Karachi, Pakistan. Pakistan Industrial Credit and Investment Corporation (PICIC) acquired it as Gulf Commercial Bank Limited in early 2001. The bank was renamed as PICIC Commercial Bank ...

was bought by

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...

owned

NIB Bank NIB Bank was a Pakistani bank which was based in Karachi, Pakistan. 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) ...

History

PICIC Insurance Limited is a part of the

Temasek Holdings Temasek Holdings (Private) Limited, or simply Temasek, is a Singaporean state holding company owned by the Government of Singapore. Incorporated on 25 June 1974, Temasek owns and manages a total of US$496.59 billion (S$671 billion) in assets u ...

. 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 The Government of Singapore is defined by the Constitution of Singapore to mean the executive branch of the state, which is made up of the president and the Cabinet. Although the president acts in their personal discretion in the exercise ...

, 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.PICIC approves acquisition by Crscent Star Insurance
''The Express Tribune''. Published 29 June 2016, Retrieved 2 October 2021.

References

Investment management companies of Pakistan Financial services companies established in 1957 Pakistani companies established in 1957 {{Pakistan-company-stub