Iqbal Hassan, President NIB Bank, has announced the new leadership team of the proposed Bank to be formed by the merger of PICIC, PICIC Commercial Bank and NIB Bank. This team drawn from senior executives of PICIC and NIB Bank will be responsible for making the merged institution a dominant Bank with a focus on efficiency and becoming a customer centric organisation, differentiating itself from competition.
The resultant organisation structure has led to four customer focussed business areas and ten business enabling functions, each headed by members from the new leadership team. Each member was selected after detailed review of his individual skills and ability to propel the new merged organisation forward.
The legal merger is expected to be successfully completed by year-end. The name of the new merged entity will be decided after market research has been analysed. This merger will be one step forward in consolidating the banking sector as envisioned by State Bank of Pakistan and enhancing FDI as per Government of Pakistan's objectives. Market sources have reported that the return for the nine months of 2007 on NIB Bank share has been amongst the highest in the banking sector, outperforming the KSE Index.
Overall 2007 has been an eventful year for NIB Bank, depicting good progress including its successful acquisition of PICIC Group besides enhanced investment in the Bank itself by Temasek, the investment arm of Government of Singapore. This progress and momentum is expected to continue into 2008 and future years.-PR
Comments
Comments are closed.