Pakistan Industrial Credit and Investment Corporation History and Operations

The Pakistan Industrial Credit and Investment Corporation has a rich history that dates back to 1950 when it was established as a public sector financial institution. It was set up to provide financial assistance to industrial projects in Pakistan.

The corporation's primary objective is to promote industrial development in the country by providing financial assistance to industrial projects. Its operations are focused on providing financing options to industrialists and entrepreneurs.

The corporation has been instrumental in the development of various industries in Pakistan, including textiles, steel, and cement. It has also played a key role in the growth of small and medium-sized enterprises (SMEs) in the country.

Its operations are governed by a board of directors that oversees the corporation's activities and makes key decisions regarding its strategy and direction.

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PICIC Commercial Bank Limited has a rich history that spans over two decades. It was incorporated in 1993 as Schön Bank Limited and commenced its business on 4 April 1994.

The bank's name changed in 1997 to Gulf Commercial Bank Limited after Al Ahlia Portfolio Securities Company, Sultanate of Oman acquired the major shareholding.

In 2001, the bank's management changed again when Pakistan Industrial Credit and Investment Corporation acquired 60% controlling shares from Al-Ahlia.

At the time of takeover by PICIC in February 2001, the bank had only 15 branches.

By the time of its merger into NIB Bank on December 31, 2007, PICIC Commercial Bank had grown to become the 6th largest bank in the country.

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Pakistan Industrial Credit and Investment Corporation offers a wide range of services to cater to its customers' diverse needs.

The bank provides various financing options, including Commercial Financing, Home Financing, Car Financing, Industrial Financing, and Motorcycle Financing.

PICIC Commercial Bank also introduced Online Banking solutions, allowing customers to access their accounts from any branch nationwide.

The bank's services also include Telebanking and Mobile Banking, making it convenient for customers to manage their finances on the go.

Some of the key services offered by PICIC Commercial Bank include:

PICIC Commercial Bank offers a range of services to its customers. They introduced online banking solutions, allowing customers to access their accounts from any branch nationwide.

With online banking, customers can perform various tasks, including deposits, withdrawals, and inquiries. This service was introduced to make the most of advanced technology.

The bank provides multiple financing options, including commercial, home, car, and industrial financing. They also offer motorcycle financing and Islamic banking services.

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PICIC had over 120 branches in various parts of Pakistan, spread across more than 42 cities.

These branches were strategically located in both main cities and smaller towns.

The extensive network of branches allowed PICIC to reach a wide range of customers.

This made it easier for people to access PICIC's services and conduct their financial transactions.