PICIC Commercial Bank

Infobox Company
company_name = PICIC Commercial Bank
company_
company_type = Private
company_slogan = The Bank With All Financial Solutions
foundation = Karachi, 1993
(as Schön Bank Limited)
location = Karachi, Pakistan flagicon|PAK
key_people =
industry = Banking
products = Loans, Credit Cards, Savings, Consumer Banking etc.
revenue =
num_employees =
homepage = [http://www.picicbank.com.pk www.picicibank.com.pk]

PICIC Commercial Bank Limited is based in Pakistan. Pakistan Industrial Credit and Investment Corporation (PICIC) acquired Gulf Commercial Bank Limited in early 2001. The bank has been renamed as PICIC Commercial Bank Limited.

History

PICIC Commercial Bank Limited was incorporated in 1993 as Schön Bank Limited and commenced its business on 4th April 1994, with a paid-up capital of PKR 500 Million.

In 1997, Al Ahlia Portfolio Securities Company, Sultanate of Oman acquired the major shareholding and changed Bank’s name to Gulf Commercial Bank. Thereafter, in February 2001, the Bank’s management again changed when Pakistan Industrial Credit and Investment Corporation acquired 60% controlling shares from Al-Ahlia and changed its name to PICIC Commercial Bank in May 2001. Since acquisition, the Bank performance has turned around and it's now the fastest growing private commercial bank in Pakistan.

At the time of takeover by PICIC in February 2001, the Bank had only 15 branches. Now it is the 6th largest bank in Pakistan.

On December 31st, 2007, the operations of PICIC Commercial Bank were merged with and into NIB Bank Ltd.

Vision

To be recognized and accepted as Pakistan’s leading commercial bank.

Mission

* To have a diversified and satisfied customer base.
* To serve the market through innovative banking solutions.
* To offer high rate of return to shareholders.
* To foster Pakistan’s economic prosperity.
* To create a good work environment for employees and foster team work and career development.
* To operate ethically and maintain transparency in operations

Functions

Services

* Commercial Financing
* Home Financing
* Car Financing
* Home Financing
* Telebanking
* Mobile Banking
* Motorcycle Financing
* Islamic Banking
* Deposit & Saving Products

Internet banking

As technology advances, PICIC Commercial Bank is set to use it and make the best of it. Now introducing for its customers, Online Banking solutions. With that customers can access their accounts for deposits, withdrawals or inquiries from any branch nationwide.

Branches

PICIC has over one hundred and twenty branches in over forty four cities including the main cities and towns of Pakistan.

Board of Directors

* Mr. Afghan Badshah- CEO & Chairman
* Mr. Ahsan Bashir
* Mr. Hasnain Nazim
* Mr. Muhammad Ali Khoja
* Mr. Sulaiman Ahmed Saeed Al Hoqani
* Mr. Kamal Afsar (*)
* Mr. Manzoor Ahmed (*)
* Mr. Waseem Haqqie

(*) Subject to State Bank of Pakistan approval under review test

External links

* [http://www.picicbank.com/index.htm PICIC Commercial Bank]
* [http://www.picic.com/ Pakistan Industrial Credit and Investment Corporation Official Site]