KARACHI — NIB Bank became the country's seventh biggest bank following the merger with PICIC and PICIC Commercial Bank. The merger was approved by State Bank of Pakistan (SBP).
With the merger NIB Bank has 240 branches throughout the country and total assets of over Rs185 billion. NIB has also become the second most highly capitalised bank in Pakistan with a paid-up capital exceeding Rs27.5 billion.
Singapore-based Temasek Holding, a financial arm of the Singapore government, remains the single largest investor in NIB Bank and manages an investment portfolio of more than $100 billion spread all over the world.