An announcement by the stock market listed Bankislami on Monday stated “Citibank N.A has accepted our offer for the acquisition of its Housing Finance Business (portfolio). The size of the portfolio is approx Rs1.1 billion”.

The said acquisition structure was stated to be in accordance with the Shari'ah guidelines provided by the Shari'ah Adviser.

The acquisition was subject to necessary approvals by the relevant regulatory authorities.

Earlier on May 18 last year, Bankislami had expressed an interest to acquire the Consumer Housing portfolio of Citibank, N.A. Pakistan and entered into a Non-Disclosure Agreement (NDA) with the Citibank for its due diligence.

The acquisition was then said to be subject to necessary due diligence, mutual agreement between Bankislami and Citibank, approvals by the Boards of Directors and a nod from the relevant regulatory authorities.

Bankislmai had at the time notified KSE that it was commencing due diligence of the Consumer Housing Finance portfolio of Citibank from May 19, 2009.

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