ISLAMABAD, March 25: The State Bank of Pakistan (SBP) has given approval to First Credit and Discount Corporation Ltd (FCDC) to change its name to First Credit and Investment Bank Limited (FCIB).

The Securities and Exchange Commission of Pakistan (SECP) has also granted certificate for incorporation for undertaking its investment banking business under the new name, says a press release issued here Saturday.

It may be mentioned that the FCIB is jointly owned by NBP and Wapda.

In the past, the bank (formerly FCDC) played a very important role in the development of capital market of the country. Particularly, it was pioneer in the establishment of debt instruments market which was non-existing earlier.

It had arranged huge funds for Wapda by managing floatation of various issues of Wapda bonds and later developed the secondary market of these bonds as well.

The FCIB also floated Civil Aviation Authority’s bearer bonds. The proceeds of the bonds were utilized by Wapda and CAA for executing their long-term development projects.

The Wapda bonds and CAA bonds (bearer and registered) became very popular with the small and medium investors especially, due to easy encashability from the FCDC and the higher rate of return than on bank deposits and other schemes.

The floatation of these bonds were always over-subscribed by the investors. However, no fresh issues of bonds have been floated since last few years.—APP