PICIC Commercial Bank Limited 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. Because ...

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 ...

Pakistan Industrial Credit and Investment Corporation 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 assistance in 1957. In 2007, PICIC Commercial Bank was ...

(PICIC) acquired it as Gulf Commercial Bank Limited in early 2001. The bank was renamed as PICIC Commercial Bank Limited. In 2007, the bank and its operations were merged into

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 Commercial Bank Limited was incorporated in 1993 as Schön Bank Limited and commenced its business on 4 April 1994, with a paid-up capital of PKR 500 Million. In 1997, Al Ahlia Portfolio Securities Company,

Sultanate of Oman Oman ( ; ar, عُمَان ' ), officially the Sultanate of Oman ( ar, سلْطنةُ عُمان ), is an Arabian country located in southwestern Asia. It is situated on the southeastern coast of the Arabian Peninsula, and spans the mouth of t ...

acquired the major shareholding and changed the bank’s name to Gulf Commercial Bank Limited. In February 2001, the bank’s management again changed when

acquired 60% controlling shares from Al-Ahlia and changed its name to PICIC Commercial Bank in May 2001. At the time of takeover by PICIC in February 2001, the Bank had only 15 branches. It was the 6th largest bank in the country at one time. On December 31, 2007, the operations of PICIC Commercial Bank were merged with and into

Limited.

Functions

Services

* Commercial Financing * Home Financing * Car Financing *industrial financing * Home Financing * Telebanking *

Mobile Banking Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses ...

* Motorcycle Financing * Islamic Banking * Deposit & Saving Products

Internet banking

As technology advanced, PICIC Commercial Bank was set to use it and make the best of it. They introduced for its customers, Online Banking solutions. With that customers could access their accounts for deposits, withdrawals or inquiries from any branch nationwide it is most wide bank in today it is closed now.

Branches

PICIC had over one hundred and twenty branches in over forty four cities including the main cities and towns of Pakistan.

Board of directors

* Chief Executive Hilal Khan * Mr. Afghan Badshah CEO chairman * Mr. Ahsan Bashir * Mr. KASHIF BASHIR * Mr. Muhammad Ali Khoja * Mr. Sulaiman Ahmed Saeed Al Hoqani * Mr. Kamal Afsar (*) * Mr. Manzoor Ahmed (*) * Mr. Waseem Haqqie (*) Subject to State Bank of Pakistan approval under review test

External links

PICIC Commercial Bank

Pakistan Industrial Credit and Investment Corporation Official Site
Defunct banks of Pakistan Companies based in Karachi Banks established in 1993 Mergers and acquisitions of Pakistani companies Pakistani companies established in 1993 Banks disestablished in 2007 Pakistani companies disestablished in 2007 {{Pakistan-company-stub