06-27-2006, 02:49 AM
The Temasek Holdings of Singapore, through its subsidiary, Asia Finance Holdings, increased its stake in NIB from 25 per cent to 72.6 per cent after it completed the transaction on June 30, 2005, a press release of the bank said on Tuesday.
This fresh allotment of shares will catapult NIB into the "top ten league" in terms of paid-up capital among all local and foreign banks operating in Pakistan. It will also significantly improve NIBâs capital adequacy and fund mobilising ability.
The fresh allotment was earlier approved by the shareholders of the Bank in the AGM held on March 31, 2005 and necessary approvals were obtained from the Securities and Exchange Commission of Pakistan and the State Bank of Pakistan.
The enlarged holding of Temasek is expected to make a significant and positive impact on NIB as the latter pursues an aggressive expansion plan.
From its beginning in October 2003, NIB has established 15 branches in Karachi, Hyderabad, Faisalabad, Lahore, Islamabad and Peshawar over the past 20 months. With this investment, NIB plans to have a countrywide network of over 200 branches in the near future.
Temasekâs investment in NIB signals its confidence in the economic growth and future of Pakistan. In turn, NIB expects to leverage on the expertise and experience of the Temasek group through its significant investments in the Financial Services Industry in Asia.
Temasek is a Singapore-based investment company. It enjoys Aaa rating by Moodysâ and AAA rating by Standard & Poors. Established in 1974, it manages a diversified global portfolio of US$54 billion, spanning Singapore, Asia and the OECD economies.
Its 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.
Companies in the Temasek group include listed firms such as Singapore Airlines, SingTel, DBS Bank, SMRT Corporation, Keppel Group and Neptune Orient Lines. Through AFH, Temasek also holds substantial stakes in banks in Indonesia, Malaysia, Korea, China and India.
This fresh allotment of shares will catapult NIB into the "top ten league" in terms of paid-up capital among all local and foreign banks operating in Pakistan. It will also significantly improve NIBâs capital adequacy and fund mobilising ability.
The fresh allotment was earlier approved by the shareholders of the Bank in the AGM held on March 31, 2005 and necessary approvals were obtained from the Securities and Exchange Commission of Pakistan and the State Bank of Pakistan.
The enlarged holding of Temasek is expected to make a significant and positive impact on NIB as the latter pursues an aggressive expansion plan.
From its beginning in October 2003, NIB has established 15 branches in Karachi, Hyderabad, Faisalabad, Lahore, Islamabad and Peshawar over the past 20 months. With this investment, NIB plans to have a countrywide network of over 200 branches in the near future.
Temasekâs investment in NIB signals its confidence in the economic growth and future of Pakistan. In turn, NIB expects to leverage on the expertise and experience of the Temasek group through its significant investments in the Financial Services Industry in Asia.
Temasek is a Singapore-based investment company. It enjoys Aaa rating by Moodysâ and AAA rating by Standard & Poors. Established in 1974, it manages a diversified global portfolio of US$54 billion, spanning Singapore, Asia and the OECD economies.
Its 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.
Companies in the Temasek group include listed firms such as Singapore Airlines, SingTel, DBS Bank, SMRT Corporation, Keppel Group and Neptune Orient Lines. Through AFH, Temasek also holds substantial stakes in banks in Indonesia, Malaysia, Korea, China and India.
