RBS sale to MCB bank lapses
(8 January 2010 – Pakistan) An agreement between the Royal Bank of Scotland Group (RBSG) and MCB Bank Limited (MCB) has dissolved after necessary regulatory approvals were not obtained.
The agreement in principle originally announced on the 12th August, 2010, was to see MCB obtain a 99.37 percent holding in The Royal Bank of Scotland Limited (RBS Pakistan).
The price for consideration for the deal was US$87 million (A$94.59 million) and was expected to be completed by the fourth quarter of 2009.
The agreement stipulated that if the necessary regulatory approvals were not obtained and closing of the transaction had not occurred on or by 31 December 2009 then the agreement and the transaction shall lapse.
Regulatory agreements were not obtained, and closing did not occur by the 31st December 2009, therefore lapsing the agreement.
The price for consideration for the deal was US$87 million (A$94.59 million) and was expected to be completed by the fourth quarter of 2009.
The agreement stipulated that if the necessary regulatory approvals were not obtained and closing of the transaction had not occurred on or by 31 December 2009 then the agreement and the transaction shall lapse.
Regulatory agreements were not obtained, and closing did not occur by the 31st December 2009, therefore lapsing the agreement.
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