Citibank N.A Pakistan's Consumer Finance Business: SBP allows NIB Bank to conduct due diligence

The State Bank of Pakistan has allowed NIB Bank limited to conduct due diligence of Citibank N.A Pakistan's Consumer Finance Business including credit card, auto and personal loan, according to an information sent by NIB Bank to Karachi Stock Exchange.
The due diligence is subject to review of information memorandum by NIB Bank and agreement by both banks to proceed further with the transaction, it added. Meanwhile, Badar Kazmi has been appointed as director of NIB Bank, subject to approval of State Bank of Pakistan.