Habib Bank Ltd. in Karachi is planning to buy the credit card portfolio of Citibank Pakistan, according to published reports.
The Karachi newspaper The News International said July 7 that Habib Bank is evaluating the Citigroup Inc. unit's credit card portfolio.
Citi stopped issuing new credit cards in Pakistan in mid-2009 as defaults mounted. It has about 60,000 credit-card holders after cleansing its portfolio of defaulters, according to The News. The bank issues MasterCard Inc and Visa Inc. cards.
Once Pakistan's leader in consumer financing, Citi has stopped providing personal loans, mortgages and car financing.