Faysal Bank Obtained NOC From SBP Regarding RBS Acquisition

The State Bank of Pakistan (SBP) on Wednesday granted No Objection Certificate (NOC) to Faysal Bank Limited for the purchase of Royal Bank of Scotland Pakistan operation. Faysal Bank Limited (FABL) has already entered into an agreement to acquire interest in the Pakistan franchise of Royal Bank of Scotland (RBS Pakistan) as per following;

Interest to be Acquired     =  99.37 percent interest

Consideration to be Paid  = Cash  Euro 41.000 million (equivalent to Rs 4.298 billion)

Consideration Per Share  = Rs 2.52 per share

RBS - Who Will Acquire This Time

Earlier, the MCB Bank had agreed to acquire RBS, however, the deal could not be materialised due to sponsor share dispute between the central bank and the MCB management. This time The State Bank of Pakistan has given green signal to the two banks for commencing due diligence for the acquisition of Royal Bank of Scotland (RBS). They are

1. Faysal Bank Limited and 
2. Egypt's EFG-Hermes 

The RBS has put on sale its business in 36 countries including Pakistan after world-wide losses of $38 billion in 2008 due to the global economic recession.