KARACHI, Dec 9: Alexandra Fund Management, a subsidiary of Singapore’s powerful state investment agency Temasek Holdings, will launch an asset management company in Pakistan with Pakistani partners.

Alexandra will hold 40 per cent of shares in the new company, while National Bank of Pakistan and NIB Bank Ltd will each have 30 per cent of shares, NIB Bank said in a statement to the Karachi Stock Exchange on Friday.

A joint venture agreement between the partners has already been signed, the bank said in the statement.

Temasek Holdings Pte Ltd, which manages some $54 billion of assets, already has a 72.6 per cent share in NIB Bank, formerly known as NDLC-IFIC Bank Ltd.

The estimated value of these shares is $57 million.—Reuters