Karachi-based Habib Bank Ltd. reportedly plans to buy the credit card portfolio of Citibank Pakistan.
Local newspaper The News International, citing an unidentified official from Habib, reported on July 7 that the bank is carrying out a valuation of the issuer’s credit card portfolio.
Citi stopped issuing new credit cards in Pakistan in mid-2009 as defaults mounted because of the economic slowdown. It has approximately 60,000 credit cardholders after cleansing its portfolio of defaulters, according to The News. The bank issues cards supported by both MasterCard Worldwide and Visa Inc.
Once Pakistan’s leader in consumer financing, Citi has stopped providing personal loans, mortgages and car financing. It has closed nine branches in recent years and now operates only 14 within the country.
PaymentsSource was unable to reach officials from Citibank Pakistan and Habib Bank to comment.