Faisal Bank purchases RBS Pakistan

KARACHI: Faisal Bank of Pakistan (FBP) has purchased Royal Bank of Scotland (RBS) Pakistan, Geo news reported on Wednesday.

According to notice issued by Karachi Stock Exchange (KSE), FBP bought 99.37 per cent shares of RBS in Rs 4.29 billion with Rs 2.50 per share.

Royal Bank Of Scotland Posts $3 Billion 3Q Loss

Royal Bank Of Scotland Posts $3 Billion 3Q Loss: Government-controlled Royal Bank of Scotland Group PLC on Friday reported a net loss of 1.8 billion pounds ($3 billion) but that underlying profits had improved and lending to companies increased 5 percent. Full recovery from its near collapse a year ago will take years, its chief executive Stephen Hester said. For the three months ending Sept.

Royal Bank Of Scotland Posts $3 Billion 3Q Loss:Government-controlled Royal Bank of Scotland Group PLC on Friday reported a net loss of 1.8 billion pounds ($3 billion) but that underlying profits had improved and lending to companies increased 5 percent.

Full recovery from its near collapse a year ago will take years, its chief executive Stephen Hester said.

For the three months ending Sept. 30, RBS reported total income of 7.1 billion pounds, compared to 8.6 billion pounds a year earlier.

However, the bank booked impairment losses of 3.3 billion pounds, up from 1.3 billion a year earlier. Impairments for the first three quarters of this year rose to 10.8 billion pounds.

Without the impairments, operating profit rose 55 percent to 1.75 billion pounds.

Hester said the results affirmed his confidence that RBS can recover as a strong company.

“The results also show the headwinds we face and the legacy we are purposefully working out of,” he said. “As I have repeatedly said, the journey will take some years.

Pak Foreign Remittences Increase

KARACHI: The remittances sent to the country by overseas Pakistanis has recorded an increase of 19 percent in July and set a record of being highest in a single month.

According to the State Bank of Pakistan (SBP), the foreign remittances rising by 120 million dollars stood at 747.2 million in July 2009 compared to 627.2 million dollars in the same period last year.

Previously the highest amount of remittances in a single month was 739.4 million dollars in the month of March 2009.

MCB Will Purchase RBS Pakistan’s 99.37% Shares

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.

MCB taking RBS Pakistan

MCB taking RBS Pakistan, KARACHI Pakistan : Muslim Commercial Bank (MCB) Board of Directors have given a go ahead to the proposed acquisition of Royal Bank of Scotland Pakistan.

According to Karachi Stock Exchange (KSE) announcement, the agreement is yet to be signed between the two parties following the approval.

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MCB taking RBS Pakistan