Pakistan Industrial Credit and Investment Corporation


Pakistan Industrial Credit and Investment Corporation is a financial institution in Pakistan, one of the first Development finance institutions established with the World Bank Group assistance in 1957. 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.

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 to be named Sakib Berjees & Consortium Limited for the acquisition of 30% stake in the Company from NIB Bank Ltd which currently holds 30% stake only in the Company.