Citibank has announced that it is wrapping up its consumer banking operations in Pakistan and has entered into an agreement with Habib Bank (HBL) to sell its credit card and consumer lending portfolio, according to a press release. 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, attended by HBL and Citi Pakistan representatives. Speaking at the occasion, HBL President and CEO 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, Citi’s country officer in Pakistan, said, “Citibank was a pioneer in growing consumer lending products in the Pakistani market and has since contributed to strengthening the consumer banking landscape in the country. 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 will continue to focus on its core business of corporate and investment banking serving our multinational, public sector, financial institutions and top-tier local corporate client base,” Lodhi added.
Published in The Express Tribune, November 13th, 2012.