KARACHI: The legal merger of PICIC, PICIC Commercial Bank and NIB Bank will be completed by the end of current year, banking sources said here Tuesday.
They said the name of the merged entity would be decided later after a market research.
It may be noted that NIB Bank, a subsidiary of Singapore-based Temasek Holdings, had acquired PICIC Group on July 1, 2007, for Rs 20.5 billion equivalent to $342 million.
Meanwhile, Khawaja Iqbal Hassan, President of NIB Bank, which acquired 63.36 percent shares of Pakistan Industrial Credit and Investment Corporation (PICIC), has finalised the team for effectively running the proposed bank.
According to sources, this team drawn from senior executives of PICIC and NIB Bank will be responsible for making the merged institution a dominant bank, with a focus on efficiency, and becoming a customer centric organisation, differentiating itself from competition.
The resultant organisation structure has led to four customer focused business areas and 10 business enabling functions, each headed by members from the new leadership team.
Each member has been selected after a detailed review of his individual skills and ability to propel the new merged organisation forward.
They said this merger will be one step forward, in consolidating the banking sector as envisioned by State Bank of Pakistan and enhancing FDI as per government’s objectives.