NIB Bank was a Pakistani
bank
A bank is a financial institution that accepts 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 markets.
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which was based in
Karachi
Karachi (; ur, ; ; ) is the most populous city in Pakistan and 12th most populous city in the world, with a population of over 20 million. It is situated at the southern tip of the country along the Arabian Sea coast. It is the former cap ...
,
Pakistan
Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...
. It was formed in 2003 as a result of merger of
IFIC Bank
govt shaere:35%
The International Finance Investment and Commerce Bank Limited is a first generation Bangladeshi private commercial bank. The bank is ensuring cutting edge service with skilled workforce and revolutionary fintech support through m ...
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, 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 ...
acquired a majority stake in the bank. This was one of the largest Direct Foreign Investment 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 in 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
Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), ...
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