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RBS agrees to sell Pakistan arm for £34m

Faysal Bank buys RBS Pakistan

17 June 2010

Royal Bank of Scotland (RBS) has negotiated the sale of its banking arm in Pakistan to Faysal Bank in a £34 million deal.

Pakistani firm Faysal Bank has acquired a 99.4 per cent stake in RBS Pakistan after beating off competition from Egyptian lender EFG-Hermes.

RBS expect the deal will be finalised in the third quarter of the year.

"It's a perfect fit considering we were trying to increase our footprint," said Naved Khan, chief executive officer of Faysal Bank.

MCB Bank had previously bid around £59 million for RBS Pakistan but the deal collapsed when it failed to gain approval from regulators.

RBS Pakistan employs about 5,000 staff across 75 branches in 24 cities.

The move comes as part of the taxpayer-owned bank's attempts to sell many of its foreign divisions order to concentrate on business in major financial centres such as Britain and the US.

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