Wednesday, September 12, 2012

Fight for Citibank's Consumer Division

After the shocking news by Citibank that it is closing its consumer division from Pakistan, the most profitable and growing at over 300% - fight for takeover by country's leading commercial banks has begun.

 Citi has entered its sixth decade of continuous presence in Pakistan and serving corporate and retail customers in the country, though it has closed its research office in Karachi few years ago but its consumers division is possessing handsome number of customers who mostly belong to elite and upper middle class, having good inclination to avail banking services come under consumer financing portfolio such as credit cards, car financing etc.

Country's biggest banks have showed their intent of buying Citibank Consumer division including Habib Bank, Bank Alfalah and Faysal Bank with rumors that Turkish Isbank might also join. NIB Bank (subsidiary of Temasek Singapore) is now the fourth official predator interested in CitiBank Pakistan.

 NIB Bank, which itself was a target of an acquisition by Industrial and Commercial Bank of China, intended to launch its consumer financing division long ago. The signs were evident when NIB Bank hired Adil Rashid from Bank Alfalah to run its Consumer finance department.

Karachi Economist will keep you updated with latest happenings in the financial capital. So stay tuned.

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