MCB Bank buys RBS's Pakistan business

Pakistan's MCB Bank buys the local operations of the Royal Bank of Scotland for $87 million, representing a book value multiple of 0.73 times.

MCB Bank has bought the Pakistan operations of the Royal Bank of Scotland RBS, paying a price of PRs7.2 billion $87.4 million for a 99.37% stake in RBS Pakistan.

The agreed price represents a price-to-book-value ratio of 0.73 times based on a book value of RBS of PRs9.9 billion at the end of the first quarter of financial 2009 and 0.72 times fiscal 2008 book value.

Others buyers reported to have been interested in the asset include two Pakistani...

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