mcb-bank-buys-rbss-pakistan-business

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 banks, Habib Bank and JS Bank, as well as Egypt's Orascom Telecom Holding All other bidders dropped out by stage two, said a source close to...

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