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KARACHI, Oct 9: The legal merger of Picic, Picic Commercial Bank and NIB Bank will be completed by the end of current year, banking sources said here on Tuesday.They said the name of the merged entity will be decided later after a market research.
The NIB Bank, a subsidiary of Singapore-based Temasek Holdings, had acquired Picic Group on July 1, 2007, for Rs20.5 billion equivalent to $342 million.
Meanwhile, Khawaja Iqbal Hassan, the president of NIB Bank, which acquired 63.36 per cent shares of Pakistan Industrial Credit and Investment Corporation, has finalised the team for effectively running the proposed bank.—APP
