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Habib Bank may buy Barclays biz in Pakistan

Habib Bank of Pakistan is slated to acquire operation of Barclays Pakistan. According to a stock exchange filing, the bank has entered into an agreement with the British bank in this regard. Barclays will be the second foreign bank to exit in the recent years after HSBC. The filing said, upon the completion of the proposed transaction, the Barclays Pakistan’s business will be amalgamated into HBL, whilst ensuring that the transition of the business is smooth and seamless so as to provide continuous and uninterrupted service to customers. Earlier, HBL had said it was considering negotiation for the acquisition and planning to start a due diligence, subject to approval by the State Bank of Pakistan and other regulatory approvals.

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