Its long time ago we are hearing about the acquisition of RBS Operations in Pakistan, last we heard that the deal was finalized with MCB Bank but MCB Bank failed to pay the amount with in due date so the deal was canceled but now finally is has been confirmed that Faysal Bank has bought 99.37 per cent shares of RBS in Rs 4.29 billion with Rs 2.50 per share. we have this News available online;
Faisal Bank of Pakistan (FBP) has purchased Royal Bank of Scotland (RBS) Pakistan, Geo news reported on Wednesday. According to notice issued by Karachi Stock Exchange (KSE), FBP bought 99.37 per cent shares of RBS in Rs 4.29 billion with Rs 2.50 per share.
Faysal Bank’s Bahrain-based parent Ithmaar decided to expand its retail presence in Pakistan and last month Faysal Bank did won a bid for Royal Bank of Scotland’s Pakistan operations Faysal Bank Pakistan is 68 per cent owned by Ithmaar, they beat Egyptian bank EFG-Hermes for the deal, however the value of this deal was not disclosed.
According to RBS Pakistan website; “RBS Pakistan had over 117 billion Pakistan rupees ($1.39bn) of assets by the end of March 2008, about 75 brashes in 24 cities of Pakistan and around 5,000 employees.”
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