History of the Bank

NIB Bank Limited started as NDLC-IFIC Bank Ltd. which was incorporated in March 2003 as a
public limited company.
It started operations in October 2003 when all assets, liabilities, rights and obligations of the
former National Development Leasing Corporation (NDLC) and Pakistan operations of IFIC Bank
were amalgamated with and into the Bank with a paid up capital of Rs.1.2bn. In April 2004 the
Pakistan operations of Credit Agricole Indosuez were also amalgamated with and into NIB. In
March 2005 Temasek Holdings of Singapore acquired 25% shareholding in NIB Bank, through
Bugis Investments. This shareholding was further enhanced to over 70% in June '05 following an
increase in NIB's paid up capital to Rs 3.4 bn. NIB Bank has since grown rapidly from a base of 2
branches in 2003 to 45 in the 4th quarter of 2007, with a corresponding increase in its assets and
deposits base.

NIB Bank's vision is to rank amongst the top 5 banks in the country. Therefore towards the end of
June 2007 it acquired majority shares of PICIC with the aim of merging PICIC and its commercial
banking subsidiary PICIC Commercial Bank Limited (PCBL) into NIB. The acquisition was
financed through the country's largest private sector rights issue, with resultant increase in NIB's
paid up capital to Rs.22.0 bn. The PICIC acquisition bought with it another subsidiary "PICIC
AMC" and an affiliate "PICIC Insurance".

NIB already has a shareholding in NAFA, an Asset Management Company (AMC) whose
shareholders also include National Bank of Pakistan and Fullerton Fund Management Company;
thus NIB Group’s asset management business has also increased, while it has diversified into the
insurance business as well.

The legal merger of PICIC & PCBL into NIB took place on December 31, 2007, once all
regulatory approvals were in place. NIB Bank continues to be led by Khawaja Iqbal Hassan,
supported by four business heads and ten business enabling function heads. The merger
resulted in a vastly expanded branch network and total assets of Rs 176.6 bn on merger date.
NIB has the highest paid up capital of Rs. 40.4 bn amongst all banks in Pakistan. Merger
synergies include lower cost deposits, enhanced customer service delivery channels and overall
improved efficiencies. These help provide a competitive edge in the face of increasing
competition in the banking sector. Temasek Holdings continues to be the largest single investor in
NIB Bank with approximately 74% shareholding.

The powerful franchise of the three merged entities has been brought together to form a much
larger and stronger bank to complete in the market place.