NIB-PICIC Merger : Corporate Governance Compliance

The merger of NDLC-IFIC Bank (NIB) and the Pakistan Industrial Credit and Investment Corporation (PICIC) made NIB the 7th biggest bank in the country with 240 branches and a paid-up capital in excess of Rs. 27.5 bn (PKR). Temasek Holding is the single biggest investor in NIB and this group has an investment portfolio of approximately $100 bn. The legal merger of NIB, PICIC and PCBL happened on December 31, 2007. During the merger, NIB followed in letter and spirit all the regulations and code of conduct of Securities and Exchange Commission of Pakistan, and it is indeed a glaring example of compliance in corporate governance