PICIC Commercial Bank

PICIC Commercial Bank
Private
Industry Banking
Founded Karachi, 1993
(as Schön Bank Limited)
Headquarters Karachi, Pakistan
Products Loans, Credit Cards, Savings, Consumer Banking etc.
Revenue PKR
Website www.picicibank.com.pk

PICIC Commercial Bank Limited was a bank based in Pakistan. Pakistan Industrial Credit and Investment Corporation (PICIC) acquired it as Gulf Commercial Bank Limited in early 2001. The bank was renamed as PICIC Commercial Bank Limited. In 2007, the bank and its operations were merged into NIB Bank.

History

PICIC Commercial Bank Limited was incorporated in 1993 as Schön Bank Limited and commenced its business on 4 April 1994, with a paid-up capital of PKR 500 Million.

In 1997, Al Ahlia Portfolio Securities Company, Sultanate of Oman acquired the major shareholding and changed the bank’s name to Gulf Commercial Bank Limited. Thereafter, in February 2001, the bank’s management again changed when Pakistan Industrial Credit and Investment Corporation acquired 60% controlling shares from Al-Ahlia and changed its name to PICIC Commercial Bank in May 2001. Since acquisition, the bank performance turned around and it was amongst the fastest growing private commercial banks in Pakistan.

At the time of takeover by PICIC in February 2001, the Bank had only 15 branches. It was the 6th largest bank in the country at one time. On December 31, 2007, the operations of PICIC Commercial Bank were merged with and into NIB Bank Limited.

Functions

Services

Internet banking

As technology advanced, PICIC Commercial Bank was set to use it and make the best of it. They introduced for its customers, Online Banking solutions. With that customers could access their accounts for deposits, withdrawals or inquiries from any branch nationwide.

Branches

PICIC had over one hundred and twenty branches in over forty four cities including the main cities and towns of Pakistan.

Board of directors

(*) Subject to State Bank of Pakistan approval under review test


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