Karachi, NIB Bank Limited informed Karachi Stock Exchange about interest from a few parties in potentially acquiring the banks equity stake in its wholly owned subsidiary, PICIC Asset Management Limited. The management of the bank is currently evaluating the feasibility of pursuing transaction for possible disinvestment of its equity stake.
NIB Bank Limited is incorporated in Pakistan the operations of which started in October, 2003. It is a scheduled commercial bank and is principally engaged in the business of banking as defined in the Banking Companies Ordinance, 1962. The business of the bank is Consumer Banking, Commercial Banking and Wholesale Banking. The stocks of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchange of Pakistan. The registered office of the bank is located in Islamabad.
The bank is a subsidiary of Bugis Investments (Mauritius) Pte. Limited which is a wholly owned subsidiary of Fullerton Financial Holdings Pte. Limited which in turn is a wholly owned subsidiary of Temasek Holdings, an investment arm of the Government of Singapore. Temasek Holdings of Singapore continues to be the largest single investor in NIB Bank with a stake in excess of 88%. The branch network of the bank includes 179 branches across the country.
The symbol “NIB” is being used by the stock exchanges for the shares of NIB Bank Limited.