KARACHI: Muslim Commercial Bank (MCB) and Royal Bank of Scotland (RBS) acquisition deal has been cancelled as the deadline of December 31 set by the State Bank for MCB has passed, DawnNews reported.
MCB failed to meet the legal obligation set by the State Bank of Pakistan regarding the sponsor’s shares with the Central Bank.
However, the amount of fine that MCB has to pay for not meeting the legal requirement will be decided mutually among MCB and RBS.
On the other hand, RBS also plans to file a case internationally against MCB for not meeting their obligation after signing the share purchase agreement.
It was learnt that MCB does not intend to take part in the bidding process again. –DawnNews
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