MCB Bank agrees RBS Pakistan purchase

10 August 2009

Pakistan's MCB Bank is to buy Royal Bank of Scotland's (RBS) operations in the country, it has emerged.

A source familiar with the transaction told Reuters that the deal will be completed for around $90 million after the bank confirmed earlier today (August 10th) that it is looking to acquire RBS's Pakistan businesses.

"The share purchase agreement is likely to be signed in a day or two, maybe even tomorrow, in Dubai," the source, who declined to be identified, told the news agency.

RBS is looking to sell off a number of its global assets in a bid to focus on its operations in the UK and Asif Qureshi, director at Invisor Securities, stated that MCB "seems to have struck a great deal".

Mr Qureshi added that there seems to be limited opportunities for synergies between the two banks, meaning price will have been the key factor for MCB.

Earlier this month, RBS completed the sale of its assets in Indonesia to Australia & New Zealand Banking Group.

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