Citi Pakistan Announces Sale of Credit Card & Consumer Lending Portfolio to HBL

Ms. Sima Kamil, Head – Retail & Consumer Banking – HBL & Mr. Francisco Tobias, Chief Operating & Finance Officer – Citi Holdings, signing the Asset Purchase Agreement. Also photographed were Mr.  Nauman Dar, President & CEO - HBL & Mr. Nadeem Lodhi, Managing Director & Citi Country Officer

Karachi, 12th November 2012: 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, attended by HBL & Citi Pakistan representatives. Speaking at the occasion, Mr. Nauman Dar - President & CEO, HBL, 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.” 

Mr. Nadeem Lodhi, Citi Country Officer Pakistan, further stated: "Citi 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 continues to focus on its core business of Corporate & Investment banking serving our Multinational, Public Sector, Financial Institutions and Top Tier Local Corporate client base. 

Completion of the transaction is subject to mandatory clearances including regulatory approval from State Bank of Pakistan