Pakistan Industrial Credit and Investment Corporation
Pakistan Industrial Credit and Investment Corporation (PICIC) is a financial institution in Pakistan, one of the first Development finance institutions establishitutioned with the World Bank Group assistance in 1957. In 2007, PICIC Commercial Bank was bought by Singapore owned NIB Bank. Recently, NIB Bank has sold its thirty percent stake to Sakib Berjees & Consortium Private Limited.
PICIC Insurance Limited is a part of the Temasek Holdings . NIB Bank Limited a Temasek’s subsidiary in Pakistan, is a major shareholder of PICIC Insurance Limited with a 30% stake. Temasek Holdings is an investment company owned by the Government of Singapore, it manages a portfolio of more than US$100 billion, focused primarily in Asia. Temasek’sinvestments are in various industries: telecommunications and media, financial services, property, transportation and logistics, energy and resources, infrastructure, engineering and technology, as well as pharmaceuticals and biosciences. Temasek Holdings is one of a few global firms with the highest corporate credit rating of AAA/Aaa by Standard & Poor’s and Moody’s respectively.
Recently, PICIC Insurance Ltd announced that Sakib Berjees along with a consortium of investors is in the process of establishing a special purpose vehicle (SPV) to be named Sakib Berjees & Consortium (Private) Limited for the acquisition of 30% stake in the Company from NIB Bank Ltd which currently holds 30% stake only in the Company.
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