NIB Bank

NIB Bank was a Pakistani bank which was based in Karachi, Pakistan. It was formed in 2003 as a result of merger of IFIC Bank and the National Development Leasing Corporation (NDLC), and this newly formed entity was called the NDLC-IFIC Bank (NIB).

This article is about the bank of Pakistan. For the bank of Ethiopia, see Nib International Bank. For Ghana, see National Investment Bank.
NIB Bank
TypePublic Limited Company
KSE: NIB
IndustryBanking
Capital Markets
FoundedOctober 2003 (2003-10)
DefunctJuly 2017 (2017-07)
FateMerged with MCB Bank in 2017
SuccessorMCB Bank
HeadquartersPNSC Building, Karachi, Pakistan
Key people
Teo Cheng San, Roland (Chairman)
Yameen karai (President and CEO)
Products
  • Deposits
  • consumer loans
  • wealth management
  • trade finance
  • working capital finance
  • seasonal finance
  • medium term finance
  • transaction banking
ServicesRetail Banking Commercial Banking Corporate and Investment Banking
Revenue
SubsidiariesPICIC Asset Management Company (PICIC AMC)
Websitewww.nibpk.com

The bank was established through the efforts of Khuwaja Iqbal Hassan and Sultan Ali Allana (now Chairman, HBL). In 2004, soon after NIB's creation, Fullerton Financial Holdings a subsidiary of Temasek Holdings acquired a majority stake in the bank. This was one of the largest Direct Foreign Investment in Pakistan at that time.

Fullerton Financial Holdings at that time, had stakes in banks across Asia and ran highly successful SME and Commercial businesses. Their models were adopted in NIB Bank and the Pakistan banking industry saw its first structured commercial and SME lending programs.

As of Dec 31, 2015 NIB Bank had a paid up capital of PKR 103 billion and total assets of PKR 243 billion. The bank had presence in 52 cities in Pakistan with over 170 branches connected online. NIB Bank had around 3,000 employees and its head office was in the city of Karachi. NIB Bank's main business units included Retail Banking, Commercial Banking, Corporate and Investment Banking and Treasury Services. The Bank competed with all other major banks operating in Pakistan.[2]

NIB bank ceased its operations in Pakistan with effect from July 7, 2017 and its assets now stand amalgamated into MCB.

Senior management

Atif R. Bokhari was the President and currently the Chief Executive Officer of NIB Bank is Yameen Karai.

Teo Cheng San, Roland has been an independent Chairman of the Board of NIB Bank since 1 August 2011.[2][3][4][5]

History

NIB Bank completed ten years of operations in 2013. The Bank came into being in October 2003 after two financial entities were merged: the National Development Leasing Corporation (NDLC) and IFIC Bank. The new bank was named NIB Bank. As NIB Bank grew, it continued to acquire more banks. The Pakistan-based operations of Credit Agricole Indosuez were acquired in April 2004. In 2007, PICIC Commercial Bank Limited was also acquired by NIB Bank.

Pakistan Industrial Credit & Investment Corp. Ltd was merged with NIB Bank on 01-Jan-2008.[6]

Temasek Holdings of Singapore continues to be the single largest investor in NIB Bank, through its wholly owned subsidiary, with a stake in excess of 88%.[2][5]

Financial indicators – financial year 2015
AdvancesRs. 110.669 billion
Deposits and other accountsRs. 130.445 billion
Total AssetsRs. 243.497 billion
Net AssetsRs. 17.140 billion

[1][3]

References
  1. "NIB Bank Annual Report 2014" (PDF). Nibpk.com. Retrieved 2015-05-04.
  2. "Pakistan Banks' Association". Pakistanbanks.org. Archived from the original on 2015-04-12. Retrieved 2015-05-04.
  3. "Atif Bokhari to join NIB Bank as President | Business Recorder". Brecorder.com. 2014-12-23. Archived from the original on 2015-05-05. Retrieved 2015-05-04.
  4. "Officer Profile | Quotes | Reuters.co.in". In.reuters.com. Archived from the original on 2015-05-04. Retrieved 2015-05-04.
  5. "Home". Temasek.com.sg. Retrieved 2015-05-04.
  6. "MERGER INFORMATION" (PDF).
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