Stocks Observer. com

Board of Directors of the MCB Bank has approved the proposed acquisition of Royal Bank of Scotland’s local commercial and retail operations. The expected transaction is subject to signing of the share purchase agreement, SBP approval and other customary regulatory approval/requirements. MCB revealed this in a notice sent to Karachi Stock Exchange (KSE) on Monday. MCB further said the Board of Directors of MCB met on August 08, 2009 at MCB premises for announcing bank’s first half year financial results for 2009 and to consider proposed purchase of RBS, Pakistan (formerly ABN AMRO Bank). The top-level management of MCB has consented to participate in a bidding process, which is expected to be held soon for acquiring the stake of RBS, Pakistan by MCB Bank. According to a notice, the concerned parties are set to sign share purchase agreement soon which is being financially advised by Bank of America, Merrill Lynch and KASB Bank Limited on the proposed transaction. Some news reports have c...