MCB Board of directors okays RBS acquisition

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 confirmed that the price formula of the deal has been finalised wherein MCB Bank would pay round $90 million for the acquisition of Royal Bank of Scotland, Pakistan. The price would be 0.76 times RBS Pakistan’s book value of Rs 9.888 billion, as of March 31.
News reports were also quoted as saying that Australia & New Zealand Banking Group Ltd. on August 4 agreed to buy RBS’s units in six Asian countries including Singapore, Hong Kong, Taiwan and Indonesia. ANZ Bank, Australia’s fourth- biggest lender, would pay $550 million for those assets.

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