HBL AMC acquires 100% shares of PICIC AMC
Karachi, February 18, 2016: At a ceremony held on Wednesday February 17th, HBL Asset Management (HBL AMC) signed an agreement to acquire 100% shares of PICIC Asset Management Company (PICIC AMC), a wholly owned subsidiary of NIB Bank. The ceremony was also attended by Mr. Nauman K. Dar, President Habib Bank Limited and Mr. Atif R. Bokhari, President NIB Bank.
After conducting due diligence last year, HBL Asset Management made a successful bid to acquire PICIC Asset Management for Rs. 4.1 billion. PICIC Asset Management has assets under management of Rs. 23 billion in 8 mutual funds. The agreement was signed after acquiring necessary regulatory approvals.
At the event HBL Asset Management’s CEO, Mr. Rehan N. Shaikh said, “HBL Asset Management takes pride in this acquisition and it is in line with HBL Asset Management’s commitment to create value for all its stakeholders.”
He further stated, “HBL Asset Management will work closely with PICIC Asset Management to ensure smooth and seamless transition and to provide continuous and uninterrupted services to investors.”
HBL Asset Management is a 100% owned subsidiary of HBL.
With a global presence in over 25 countries spanning across four continents, HBL is the largest private sector and also the largest multinational bank in Pakistan with over 1,600 branches and 1,700 ATMs globally and a customer base exceeding 8 million relationships.