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RBS acquisition deal finalised - Lahore_Real_Estate - 06-15-2010 09:42 AM
KARACHI - The acquisition deal of Royal Bank of Scotland Pakistan has been finalised at last and the name of the acquiring party is expected to be announced this week, sources told The Nation.
The said transaction, however, in principally be completed when the acquirer obtains a regulatory approval from the State Bank of Pakistan within a certain time framework.
The transaction cost, over which the deal has been materialised, is still unrevealed but seems that it would be higher than the price offered by the MCB Bank earlier.
Sources claimed the bidding process to acquire the local business operations of RBS, Pakistan was already done by the interested parties comprising of a local medium-sized commercial bank, Faysal Bank Limited and Egyptian-based financial group, EFG-Hermes. They participated in that process.
According to sources, the parties will inform Karachi Stock Exchanges through separate notices about this week about the decision that has been taken by the regional and international managements of RBS regarding the deal. The deal for buying 99.37 per cent shareholding in RBS is near to completion as the selling and acquiring parties have been agreed over transaction price, investment amount and the business continuity plan provided by a successful bidder (either Faysal Bank or EFG-Hermes) to the high-level management of RBS. The share purchase agreement has yet to be singed between the RBS and one of them. After signing a share purchase agreement (SPA), the acquirer will approach State Bank to get NOC.
It may be mentioned here that the FBL and EFG-Hermes were successfully conducted the due diligence of their financial position and documents just few months ago.