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KARACHI: The Royal Bank of Scotland said on Wednesday that MCB Bank agreed to buy 99.37 percent of RBS Pakistan shares for around $87 million.
A source had told Reuters on Monday that the deal would be valued at around $90 million.
The Pakistan sale is part of moves by part-nationalised RBS to sell assets globally as it tries to exit up to 36 countries and focus on its mainly U.K. core businesses.
“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,” Mian Mohammad Mansha, Chairman of MCB, said in a letter to the Karachi Stock Exchange confirming the deal.
MCB will add more than 75 RBS Pakistan branches in 24 cities, taking its total network to 1,139 branches, while its deposits would increase to 413 billion rupees ($4.98 billion).
MCB said it would fund the transaction entirely through internally generated cash reserves and would not be contingent on any external fund raising.