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The agreement was signed on Tuesday in Dubai between MCB Bank, Pakistan’s fourth largest bank by assets, and RBS, formerly ABN Amro. MCB will initially acquire from the seller over 1.7 billion ordinary shares in RBS Pakistan, representing a 99.37 per cent stake, for a cash price of Rs4.22 per share, the bank said in an emailed statement.
Headquartered in the tallest building of Pakistan called MCB Tower, the bank is country’s largest bank in terms of market value with a nationwide network of 1,026 branches including 8 Islamic banking branches, over 300 ATMs, and a customer base of around 4 million.
“This is an important transaction for us as it strengthens our franchise in the key urban centers and broadens our product offering to our retail as well as corporate customers,” MCB’s Chairman Mian Muhammad Mansha said.
RBS currently operates 79 branches in Pakistan, including three Islamic banking branches. It has a loan book of Rs67 billion, deposits of Rs75 billion and assets of Rs108 billion.
“The RBS acquisition will be crucial in providing access to important customers, in making available a strong human resource pool as well as an evolved product development and technology infrastructure. We are convinced that this transaction will be beneficial to all stakeholders,” MCB President Atif Bajwa said. Bank of America Merrill Lynch and KASB Securities have advised MCB while Morgan Stanley has advised The Royal Bank of Scotland Group plc on the transaction.
Commenting on the sale, Muhammad Aurangzeb, Chairman of RBS Pakistan said, “MCB will be an excellent owner of the strong customer franchise we have established here in Pakistan.”
The asset sale is a part of RBS’s five-year plan in unwinding its partial acquisition of ABN AMRO, which is widely seen as a strategic misstep.
Early this year, RBS said it planned to sell its Asian retail-banking assets as part of a move to shed its non-core assets.
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