Faysal Bank to acquire RBS Pakistan for Rs 4.298 bn

Royal Bank of Scotland said today that Faysal Bank is to acquire 99.37 per cent of RBS Pakistan for 4.298 billion rupees ($50.37 million).

Royal Bank of Scotland said on Wednesday that Faysal Bank is to acquire 99.37 per cent of RBS Pakistan for 4.298 billion rupees ($50.37 million).

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In a statement to the Karachi Stock Exchange, RBS said the transaction was subject to the approval of Pakistan's central bank and is expected to be completed in the third quarter of 2010.