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KARACHI, Dec 27: BankIslami on Monday signed a deal to acquire Citibank Pakistan's House Financing portfolio amounting to Rs953 million, the BankIslami announced.
For the first time in Pakistan a Bank has acquired mortgage assets of another Bank.
It is expected that this transaction would open door for other similar transactions enabling banks to acquire entire business or product lines.
The added significance of the transaction is that this is the first time an Islamic bank has acquired business of a conventional bank.
CEO of BankIslami, Hasan A. Bilgrami said this acquisition would serve as a milestone for Islamic Banking industry in Pakistan and elsewhere.
He said acquisition of housing portfolio is in line with BankIslami's growth strategy in this segment.
”The transition for customers to BankIslami will be made easy and convenient,” Bilgrami said.
