KARACHI: Bidding to buy stakes in the Royal Bank of Scotland (RBS) is likely to take place during the last week of this month, said banking industry sources.
“Bidding to buy strategic stakes in the Royal Bank of Scotland Pakistan is expected to take place between April 28 and April 30,” said the sources.
The bank will soon announce the exact date of the bidding, they said.
The State Bank of Pakistan has granted approval to two banks, Egypt-based EFG Hermes Holding SAE and Pakistan’s Faysal Bank Limited, to start due diligence of the domestic operations of the Royal Bank of Scotland Group PLC.
In January, the Royal Bank of Scotland Group had restarted the process for the proposed sale of its operations in Pakistan.
This is the second attempt by the group to sell its 99.37 per cent ownership interest in RBS Pakistan, following lapse of a deal with the MCB Bank Limited to acquire the operations.
The proposed sale is part of the RBS three-five years plan to sell non-core assets. It had identified its Asia assets, as well as a number of businesses related to the loss-making global banking and markets unit, for sale.
Source The News
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