HBL out of RBS Pakistan bidding

[LahoreEstate]

RECORDER REPORT
KARACHI (June 16 2009): Habib Bank Limited (HBL) has decided not to participate in the bidding for Royal Bank of Scotland (RBS) Pakistan Limited, and has withdrawn its interest from acquisition. The HBL had expressed interest in acquisition of RBS Pakistan Limited. It was also granted permission by the State Bank of Pakistan (SBP) to conduct due diligence of RBS.

Accordingly, it did conduct due diligence of the information made available to it. In a notice sent to Karachi Stock Exchange (KSE) on Monday, HBL said that after careful consideration it decided not to participate in the bidding of RBS Pakistan Limited, and has withdrawn its interest from its acquisition. Total four parties-HBL, MCB, JSBL and Orascom-had expressed interest to buy RBS Pakistan Limited. However, after withdrawal by HBL, now three remaining parties will participate in the bidding process of RBS Pakistan Limited.

http://www.brecorder.com/index.php?id=92...=&supDate=