KARACHI - Faysal Bank Limited and the Royal Bank of Scotland Pakistan (formerly known as ABN AMRO Bank N.V.) on Wednesday confirmed signing of an agreement, which will allow FBL to take over local operations of RBS, upon regulatory approval.
In a separate notices issued to Karachi Stock Exchange the other day, it was stated that FBL will acquire 99.37pc holding of RBS Pakistan for a total consideration of EUR41 million ($50.3m) which culminates in a share price of Rs2.5. In the local currency this amount stands at Rs4.298 billion.
The transaction is expected to complete in third quarter of 2010.
RBS Pakistan has 1,717,981,391 ordinary shares listed on the Karachi Stock Exchange, the Lahore Stock Exchange and the Islamabad Stock Exchange.
In a statement issued by RBS here on Wednesday, Muhammad Aurangzeb, Chairman of RBS Pakistan said, “We have successfully entered into a sale agreement with Faysal Bank for RBS Pakistan which comprises of retail, commercial, Islamic and onshore GBM and GTS businesses in Pakistan. Faysal Bank will be an excellent owner of the strong customer franchise we have established here in Pakistan. I am particularly pleased that our staff and customers will become part of one of the country’s progressive and growing banks which has such clear ambition to grow further in the local banking and financial services sector.”
“This marks an important day for both of our organisations and from here we can look forward with confidence to plan for the future. I would like to personally acknowledge and thank our staff here for their professionalism and commitment during this period of uncertainty, they have continued to serve our customers and have served them well.”
President & CEO of Faysal Bank Naved A. Khan said: “The acquisition will significantly contribute to Faysal Bank’s development and will be a major catalyst in achieving our growth strategy. Whilst expanding our geographical footprint, touch points, customer base and product portfolio, this acquisition will boost our ability to raise the bar of our service levels. Further, employees of the combined entity could have potentially greater career opportunities and development options.”
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