The NIB Bank Limited (formerly NDLC-IFIC Bank Limited) was incorporated in March 2003 as a publicly listed company. In October 2003, all assets and liabilities and all rights and obligations of the former National Development Leasing Corporation ("NDLC") and Pakistan operations of IFIC Bangladesh were amalgamated with and into NIB Bank. In April, 2004 the Pakistan operations of Credit Agricole Indosuez (the Global French bank) were also amalgamated with and into NIB Bank.
In June 2005, Temasek Holdings of Singapore through Bugis Investments (Mauritius) Pte. Limited acquired over 70 percent shares in the capital of NIB Bank. Presently NIB Bank has a countrywide network of 41 branches and 15 new branches were planned for 2007.
NIB Bank has recently acquired another local financial group, Pakistan Industrial Credit and Investment Corporation (PICIC), with nearly 170 branches. Together the bank have the 7th largest branch distribution in Pakistan, and place the bank in top-10 Pakistani banks in terms of Balance Sheet size and capital.
In June 2005, Temasek Holdings of Singapore through Bugis Investments (Mauritius) Pte. Limited acquired over 70 percent shares in the capital of NIB Bank. Presently NIB Bank has a countrywide network of 41 branches and 15 new branches were planned for 2007.
NIB Bank has recently acquired another local financial group, Pakistan Industrial Credit and Investment Corporation (PICIC), with nearly 170 branches. Together the bank have the 7th largest branch distribution in Pakistan, and place the bank in top-10 Pakistani banks in terms of Balance Sheet size and capital.
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