PICIC Commercial Bank Limited was incorporated in 1993 as Schön Bank Limited and commenced its business on 4 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 the bank’s name to Gulf Commercial Bank Limited. 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. At the time of takeover by PICIC in February 2001, the Bank had only 15 branches. It was the 6th largest bank in the country at one time. On December 31, 2007, the operations of PICIC Commercial Bank were merged with and into NIB Bank Limited.