- The Positive changes in NIB’s Strategy were evident after Badar Kazmi took charge as President and CEO some six months ago.
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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