PPI Original Text (PPI-OT) – HBL and BAFL to conduct due diligence of Citibank portfolio – Alfalah Securities Limited
Karachi, May 31, 2012 (PPI-OT): State Bank of Pakistan has given permission to Habib Bank (HBL) and Bank Alfalah (BAFL) to conduct due diligence for the sale of Citibank’s Consumer Business portfolio.
According to Alfalah Securities Limited, the two banks had shown interest to buy the Citibank’s assets in the end of April. The acquisition would improve the asset size of the successful bidder while benefiting from higher customer base and synergies arising from the combined portfolio.
Citibank Pakistan has a total asset size of PkRs 96.9 bn, with total deposits of worth PkRs 61.7 bn as of December 31, 2011. Citibank’s investment and advances portfolio stands at PkRs 60.4 bn and PkRs 18.8 bn respectively.