Karachi: Badar Kazmi, the CEO and President of NIB Bank, has been appointed as director of the bank’s board, it has been announced officially. His appointment is subject to the approval of regulator.
Badar Kazmi moved to NIB Bank earlier in December 2011 from Standard Chartered Bank of Pakistan. His appointment as top official was considered as part of the aggressive business strategy of NIB in Pakistan.
As he joined NIB Bank, the commercial and branding activities of the bank was seen improving with increase of branches, services and products to corporate and public sector.
Kazmi brings with him wealth of experience spanning over 31 years including almost all facets of the banking business in Pakistan, Middle East, South Asia and Africa. In recognition for his services to banking in Pakistan, Kazmi was also decorated with the civil award ‘Sitara-e-Imtiaz’ by the President of Pakistan.
NIB Bank granted due diligence permission for Citi Bank Consumers Finance Division
NIB Bank has been granted permission for conducting due diligence permission of Citi Bank Consumers Finance Division by State Bank of Pakistan.
The bank has entered the race to acquire the division of Consumers Finance (credit cards, auto finance and personal loans) with Bank Alfalah Limited and Habib Bank Limited which were also allowed to carry out due diligence by central bank a couple of weeks ago.
The entry of NIB Bank will enhance the competition among banks and the value of consumer finance division, which is considered a potential segment of the Citi bank and local banking industry.
NIB Bank is in dire need to catalyst to improve its penetration in the highly competitive banking market however the two rival banks are also willing to get edge in the market through acquiring of business from other bank.
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