RBS Pakistan sold to MCB Bank for $87m

The Royal Bank of Scotland Group plc reached agreement in principle for the sale of its 99.37% holding in The Royal Bank of Scotland Limited (RBS Pakistan) to MCB Bank Limited (MCB) for a total consideration of US$ 87m.

The transaction is subject to necessary Regulatory approvals and is expected to complete by the end of 2009.

According to a RBS statement, the agreement follows the completion of the strategic review to exit its banking businesses in Vietnam, the Philippines, Taiwan (except the Securities business) and Pakistan in an effort to refocus the Group’s geographic reach across a smaller number of key markets.

The acquisition of RBS Pakistan, which has 75 branches in 24 cities, will expand MCB’s network of outlets to 1,139.



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