RBS agrees to sell Pakistan arm for £34m
Faysal Bank buys RBS Pakistan
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
RBS expect the deal will be finalised in the third quarter of
"It's a perfect fit considering we were trying to increase our
footprint," said Naved Khan, chief executive officer of Faysal
MCB Bank had previously bid around £59 million for RBS Pakistan
but the deal collapsed when it failed to gain approval from
RBS Pakistan employs about 5,000 staff across 75 branches in 24
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.