Pakistani lender Habib Bank Limited (HBL) has entered into an agreement with Barclays Bank to acquire its banking business in Pakistan.
The acquisition will add Barclays Pakistan’s clients and employees to HBL contributing to its growth and market reach.
HBL will work closely with Barclays to ensure a smooth and seamless transition over next few months.
The transaction will integrate the Barclays Pakistan’s business into HBL without interrupting the services provided to customers throughout the transition.
HBL president and CEO Nauman Dar said: "HBL will continue to be a key developer of the financial industry in Pakistan. The proposed acquisition is part of this commitment and ties in with the bank’s mission of creating value for all our stakeholders, especially our customers."