Karachi

NIB Bank (NIB) has announced that Asia Financial Holdings (AFH), a wholly-owned subsidiary of Temasek Holdings (Temasek) in Singapore, has acquired 25% of the shareholding of NIB

This is the first investment by a subsidiary of Temasek in Pakistan. Three new Board members have been co-opted onto the Board of NIB. They are Shuaib Ahmed, Tan Soo Nan and Phua Kok Kim.

NIB also announced that, subject to shareholders’ approval, it plans to increase its capital to Rs4.15 billion to meet the minimum capital requirements set by the State Bank of Pakistan as well as to have the capital for its growth plans.

Iqbal Hassan, the President & CEO of NIB, commented: “We are extremely honoured to have attracted investment from AFH, a truly high quality investor known for creating successful regional companies.”

“It is our intention to make a focused and aggressive thrust to establish a significant national branch network within a very short period of time,” he said and added: “Through this network we will deliver value added products and services to the commercial, SME and retail segments of society.”

Phua Kok Kim, Temasek’s Managing Director for Strategic Development said: “We are glad that we have been given this opportunity to invest in NIB.”

“We are optimistic about the growth prospects of Pakistan, particularly in the financial sector, and we believe that NIB is well positioned to capitalize on this growth. We will work with NIB’s board and management to fulfill our common vision of building NIB into a leading bank in Pakistan.”

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About NIB Bank:

NIB Bank was formed in October 2003 as a result of the amalgamation of NDLC, one of Pakistan’s leading leasing companies, with the Pakistan operations of IFIC Bank.Within a few months NIB acquired the Pakistan operations of Credit Agricole Indosuez, a leading French bank.The CEO of NIB, Iqbal Hassan, is widely respected as the leading specialist on mergers and acquisitions in Pakistan. Under his leadership, and with the incremental capital, it is expected that NIB will make an aggressive move forward to capture market share either through indigenous growth or further acquisitions.

About Asia Financial Holdings (AFH)

Asia Financial Holdings is the wholly-owned subsidiary of Temasek Holdings.

Temasek Holdings is an Asia investment company headquartered in Singapore. It is committed to maximising long-term shareholder value as an active investor and shareholder of successful enterprises.

Established in 1974, it manages a diversified global portfolio of S$90 billion, spanning Singapore, Asia and the OECD economies. Our investments are in a range of industries: telecommunications and media, financial services, property, transportation and logistics, energy and resources, infrastructure, engineering and technology, as well as pharmaceuticals and biosciences.