April 19, 2006	Wednesday	Rabi-ul-Awwal 20, 1427

KARACHI, April 18: Pakistan Industrial Credit and Investment Corporation has decided to divert its shareholding to PICIC Insurance Limited (PIL) in excess of 30 per cent PIL’s paid-up capital for the proposed merger of PICIC and PICIC Commercial Bank Limited (PCBL).

The decision was taken in a meeting of the board of directors of PICIC on Monday. The board passed a number of resolutions to meet the legal requirement for the merger.

It was also decided that the name of the new entity after the merger would be changed to PICIC Bank Limited.