Faysal Bank join in an already heated and interesting race to acquire CitiBank Pakistan’s consumer asset portfolio. In a notice sent to Karachi Stock Exchange – Faysal Bank informed that State Bank of Pakistan has granted them approval to conduct due diligence of CitiBank consumer portfolio in Pakistan.
The acquisition temperature heats up in banking industry after international banks decided to scale down their operations globally. HSBC Pakistan and CitiBank already offered themselves for sale with rumors that Standard Chartered is also considering to exit from Pakistan.
All of these operations on sale are extremely profitable and local and few international banks are eyeing this opportunity. Before Faysal – Bank Alfalah and Habib Bank showed their interest to acquire CitiBank Pakistan with rumors that Isbank, a Turkish bank, might join the race.
It would be interesting to note that Faysal Bank has been in news for all the wrong reasons for past few weeks. EconomyAge was first to report that there has been some kind of an internal rift and the bonuses awarded to employees from Faysal Bank wasn’t much appreciated. This unrest news came immediately after it was reported that SECP issued prohibitory order against the bank and accuse them of manipulating share prices in stock trading.
Previously, in a dramatic situation last year, Faysal Bank acquired Royal Bank of Scotland’s operations in Pakistan despite being the second highest bidder after MCB Bank failed to get regulatory approval.
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- Habib Bank and Bank Alfalah to fight for CitiBank Consumer Division
- Inside Deal Leaked: CitiBank has been in Talks with Bank Al-Falah and HBL
- Standard Chartered will Continue to Grow its Business in Pakistan: CEO Mohsin Nathani