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PAKISTAN'S PICIC TO MERGE WITH ITS BANK, FLOAT FUNDS.
KARACHI, Sept 1 Asia Pulse - Pakistan Industrial Credit Investment Corporation (Picic) in due course of time will merge with its commercial bank, and plans to launch innovative financial tools including Islamic, Pension and Real Estate Funds and Modarabas to become a full-fledge 'Financial Super Market'.
Mohammad Ali Khoja, managing director of Picic, at press conference on Friday said that already Picic was acting as a financial market where various brands of innovative products are available. The journey started in 1996 and for four years the aim was to recover loans.
Khoja said the plan is in the offing to merge Picic with the Picic Commercial Bank. It would increase the capital to around Rs 4.2 billion (US$72.82 million) because at present the paid up capital of Picic Commercial Bank is around Rs 1.6 billion while Picic's is Rs 2.6 billion, while reserves would be around Rs 5 billion.
Picic already had a 60 percent stake in the Bank and needs permission from the directors of both entities to approve the merger plan.
Since the takeover in 1996, Picic has ...
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Source: HighBeam Research, PAKISTAN'S PICIC TO MERGE WITH ITS BANK, FLOAT FUNDS.