NIB Bank
| Company type | Privately held company |
|---|---|
| Industry | Banking |
| Founded | 2003 |
| Founder | Khawaja Iqbal Hassan, Sultan Ali Allana |
| Defunct | 2017-07-07 |
| Fate | Merged with MCB Bank |
| Headquarters | Karachi , Pakistan |
Area served | Pakistan |
Key people | Atif R. Bokhari (President), Yameen Karai (CEO), Roland Teo Cheng San (Chairman) |
| Products | Retail Banking, Commercial Banking, Corporate and Investment Banking, Treasury Services |
Number of employees | ~3000 (2015) |
NIB Bank was a privately held commercial bank in Pakistan, with its main office located in Karachi. The bank was formed in 2003 following the consolidation of IFIC Bank and the National Development Leasing Corporation (NDLC), initially operating under the name NDLC-IFIC Bank (NIB).
The founders, Khawaja Iqbal Hassan and Sultan Ali Allana (currently Chairman of HBL), secured substantial investment when Fullerton Financial Holdings, a subsidiary of Temasek Holdings, acquired a controlling interest in 2004. At that time, this represented one of the largest foreign direct investments made in Pakistan.
Fullerton Financial Holdings, known for its banking operations throughout Asia, introduced innovative SME and commercial lending frameworks at NIB, establishing these as pioneering initiatives within Pakistan’s banking industry.
As of December 31, 2015, NIB Bank had a paid-up capital amounting to PKR 103 billion and total assets valued at PKR 243 billion. The bank operated in 52 cities with a network exceeding 170 online branches and employed close to 3,000 personnel. Its principal divisions comprised Retail Banking, Commercial Banking, Corporate and Investment Banking, and Treasury Services. In these areas, NIB competed with leading banks across Pakistan.
On July 7, 2017, NIB Bank discontinued its independent operations following its merger with MCB Bank, after which all its assets were absorbed by MCB.
Senior management
Atif R. Bokhari held the position of President, while Yameen Karai served as Chief Executive Officer. From August 1, 2011, Roland Teo Cheng San acted as the independent Chairman of the Board.
History
Celebrating ten years in operation in 2013, NIB Bank originated in October 2003 through the merger of National Development Leasing Corporation (NDLC) and IFIC Bank. The bank expanded its footprint by acquiring Credit Agricole Indosuez’s Pakistan operations in 2004 and PICIC Commercial Bank Limited in 2007. Additionally, Pakistan Industrial Credit & Investment Corp. Ltd was merged into NIB Bank on January 1, 2008.
Singapore-based Temasek Holdings remains the principal shareholder, owning more than 88% through its fully owned subsidiary.
Financial indicators – financial year 2015
| Advances | Template:PKR110.669 billion |
| Deposits and other accounts | Template:PKR130.445 billion |
| Total Assets | Template:PKR243.497 billion |
| Net Assets | Template:PKR17.140 billion |