SINGAPORE: Singapore state investor Temasek is looking to sell its 88.6 per cent stake in Pakistan's NIB Bank after heavy losses, the Business Times reported on Thursday quoting a source.

The paper also said NIB had suffered a cumulative net loss of about Rs17 billion ($189 million) since Temasek first invested in the bank in early 2005.

Business Times quoted a Temasek spokesman as saying the firm did not comment on market speculation. The Singapore state investor could not immediately be contacted by Reuters for comment.

Reuters reported last month that Khawaja Iqbal Hassan, who was instrumental in bringing Temasek as an investor, had stepped down as CEO of NIB and that Singapore was looking at a paper loss of about $400 million of its $540 million investment.—Reuters