The Singaporean company Temasek will make an investment of 300 million U.S. dollars in Pakistan's banking sector, state-run media reported Thursday.

This was disclosed by CEO Asia Financial Holdings Francis A Rozario who called on Pakistani Prime Minister Shaukat Aziz in Islamabad on Thursday, according to Associated Press of Pakistan and Radio Pakistan.

Rozario, also the Chairman NIB Bank, informed that Temasek held 74 percent shares of NIB Bank and was working to acquire all financial entities of PICIC Commercial Bank, a Pakistani local bank.

He said his group intended to set up a universal bank in Pakistan, which will serve the middle and low-income group customers and the self-employed people, adding that his group would particularly focus on lending to small and medium enterprises.

Pakistani Prime Minister Shaukat Aziz said that Pakistan's banking industry is attracting unprecedented high foreign investments and significant expansion is taking place in the financial sector.

He further emphasized that Pakistan's banking industry which has been transformed from a state owned sector to a vibrant private sector industry needs to come up with new products and services to the less privileged sections of society.

Source: Xinhua