Turning Tables: NIB Bank Jumps into Race for CitiBank Pakistan Acquisition
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In an interesting turn of events – NIB Bank, dubbed as the most inefficient mid-tier bank till last year, has been granted approval to conduct due diligence of CitiBank Pakistan’s consumer division.
- The Positive changes in NIB’s Strategy were evident after Badar Kazmi took charge as President and CEO some six months ago.
NIB Bank is now the fourth official predator to target CitiBank Pakistan after Habib Bank, Bank Alfalah and Faysal Bank with rumors that Turkish Isbank might also join.
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 stole Adil Rashid from Bank Alfalah to run its Consumer finance department.
"Some of the executives of NIB Bank were in UAE couple of months ago to sign a deal with VISA and a substantial investment was set aside to launch its consumer services in Pakistan but they were called back by the head office where it was discussed if acquiring CitiBank consumer division is a better idea", sources privy to the matter, confided to EconomyAge.
"There are bright chances that NIB get the CitiBank consumer division and there has been multiple successful meetings between highly ranked officials of two banks", told us another source on condition of anonymity.
If anything, the competition to acquire CitiBank’s consumer division is heating up with every passing day and with more potential acquirers expected.
EconomyAge is closely watching the development and we will keep you updated with any further progresses.
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- Habib Bank and Bank Alfalah to fight for CitiBank Consumer Division
wow. what happen to nib????
Exactly what happened to RBS after it took over ABN AMRO .. trouble!
They can’t handle Citi customers specifically in services like Citi delivers…they will ruin it all…All the best to NIB Management…
Woah! This is some big news! It will be good and challenging, both for NIB to acquire Citibank! Its not as if NIB cant manage well, but, like Qureshi said, it will be tough. All the best!
I worked in NIB as a Business development Manager from 2008 to 2010 some three years. I started Nowshera branch consumer banking as a Business Development Manager from 0 and acquired 80 million portfolio in 3 years with 99.7% recovery overall.
In return NIB initially paid me Rs 14000/month for a period of 18 months and after that Rs 16000/month till my end services.
At the end it was v difficult for me to survive with Rs 16000/month with 8 years of good experience and 2 Masters degrees. SO I QUIT …
After looking this NEWS i am feeling awful for new joiners after Citi Bank consumer department transfer to NIB Bank….
kindly do post my comment and if possible do forward it to CEO NIB.
What about credit card business both issuing and acquiring can move in successful direction with the involvement of the Mr. Kazmi ?
Mr. Badar Kazmi can turn the tide any moment of any sinking business. He is a man of great calibre, extremely genius and very sharp in decision making. Wish him good luck at NIB too.
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