RBS confirms Pakistan ops disposal deal lapses

January 4, 2010

   LONDON, Jan 4 (Reuters) – Royal Bank of Scotland <RBS.L> said a deal to sell its Pakistani business had lapsed after failing to get regulatory approval, confirming a statement earlier this month from MCB Bank, the unit’s would-be buyer.
   “The necessary regulatory approvals were not obtained, and closing did not occur by 31 December 2009, and accordingly the agreement and the transaction have now lapsed,” RBS said in statement on Monday.
   RBS, 84 percent state-owned after receiving taxpayer-funded bailouts, had agreed to sell RBS Pakistan to MCB for about $87 million as part of an effort to retrench and focus on its core UK operations.[ID:nSIN525283]
   MCB said on Jan 1 that the deal was off because regulatory approval had not been obtained by Dec. 31. [ID:nSGE60003F] (Reporting by Myles Neligan) ((myles.neligan~reuters.com; +44 207 542 13 73))
 Keywords: RBS/ 
Monday, 04 January 2010 07:26:05RTRS [nLDE603085] {C}ENDS

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