KARACHI: The contract under which Muslim Commercial Bank (MCB) was to acquire majority stake with administrative control in Royal Bank of Scotland (RBS) has been scrapped as it failed to get regulatory approval.
Spokesman of MCB told Geo News that under the agreement MCB was to acquire 99.37 percent shares of RBS by December 31. However, the acquisition failed to get approval from Pakistani regulator in the stipulated time and as a result the contract now stands scrapped.
No comments:
Post a Comment