KARACHI, March 2: The Asia Financial Holdings, a wholly owned subsidiary of Temasek Holdings acquired on Tuesday the 25 per cent shares of the NIB, a press release announced on Tuesday.

This is the first investment by a subsidiary of Temasek in Pakistan. Three new Board members have been coopted onto the Board of NIB who are Mr Shuaib Ahmad, Mr Tan Soo Nan, and Mr Phua Kok Kim. The NIB announced that subject to shareholders' approval, it plans to increase its capital to Rs4.15 billion.

Mr Iqbal Hassan, the President and The Chief Executive Officer of NIB announced that focussed and aggressive thrust to establish a significant national branch network within a very short period will enable us to deliver value-added products and services to the commercial, SME and retail segments of the society.

The NIB bank was formed in October 2003 from amalgamation of NDLC, a leasing company with the Pakistan operations of IFIC Bank. The NIB also acquired Pakistan operations of Credit Agricole Indosuez, a leading French bank.

The Temasek Holdings is an Asian investment Company set up in 1974 in Singapore. It manages a diversified portfolio of $90 billion spanning Singapore, Asia and the OECD countries.