Citibank N.A. (Pakistan operations) has announced that it has entered into an agreement with HBL to sell its credit card and consumer lending portfolio in Pakistan. Citi Pakistan will work with HBL to ensure a smooth handover during the transition period. The announcement was made at a signing ceremony held in Karachi, which was attended by HBL and Citi Pakistan representatives.
Speaking at the occasion, President and CEO HBL Nauman Dar said, “HBL will continue to be a key developer of consumer finance products in Pakistan. The acquisition is part of this commitment and ties in with the bank’s mission of creating value for stakeholders, especially our customers.”
Nadeem Lodhi, country officer of Citi Pakistan, said: “Citi was a pioneer in growing consumer lending products in the Pakistani market and has since contributed to strengthening the country’s consumer banking landscape. We have had the privilege to serve our clients, whose discerning requirements and standards were met through our global banking platform. We look forward to working with HBL, to ensure a smooth transition for our customers.”
Citi Pakistan continues to focus on its core business of corporate and investment banking, serving the multinational, public sector, financial institutions and top tier local corporate client base.
Habib Bank Limited (HBL) has applied to the State Bank of Pakistan for due diligence of consumer business portfolio of Citibank Pakistan, according to an announcement on Monday.
Meanwhile, HBL notice to KSE reads: “Pursuant to the decision of the Citibank N.A. Pakistan to divest its interest from the consumer business portfolio comprising its credit card business, personal loans and auto loans, Habib Bank Limited and Citibank have, subject to the approval of the State Bank of Pakistan and any other regulatory approval, executed the requisite agreement dated November 9, 2012 for the acquisition of the said consumer business portfolio.”
Source: The News
