A deal has been finalised for the sale of Pakistan Industrial Credit Investment Corporation (Picic), the largest Development Financial Institution (DFI) and its subsidiaries, well informed sources told Business Recorder here on Tuesday.
The deal includes Picic''s main subsidiary Picic Commercial Bank and 100 percent owned Asset Management Co and 30 percent share of PICIC Insurance Co this is subject to the approval of the State Bank of Pakistan.
The sources said that this would be one of the largest changes of hands in the financial sector in Pakistan, which would bring roughly about Rs 20 billion to the country in foreign exchange.
There were many buyers who were negotiating the purchase of Picic group for the last several weeks. But Tamasic Group of Singapore finally emerged as the winner. This Group, which also owns NIB Bank gave the highest bid and it is understood that the majority share holder, accepted the same.
The purchase price is around Rs 84/85 per share. PICIC and its subsidiaries have around 180 branches throughout Pakistan. Needless to mention that Picic is the fifth largest bank in Pakistan after National Bank of Pakistan, Habib Bank Ltd, United Bank Ltd, and Muslim Commercial Bank Ltd.
The Tamasic Group is the largest Group in Singapore, having interest in many financial institutions, including Standard Chartered Bank. The sources said that the application for permission of State Bank of Pakistan and notice to the Stock exchanges would be sent in due course of time.
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