MCB Bank Board Approves Planned RBS Pakistan Purchase
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MCB Bank Ltd., Pakistan’s biggest by market value, said its board approved a proposed purchase of Royal Bank of Scotland Group Plc’s local operations as the U.K. lender seeks to raise capital.
The companies are yet to sign a share purchase agreement, MCB Bank said in a statement to the Karachi Stock Exchange today. The lender hasn’t set a price for the assets, spokesman Kafeel Burney said from Karachi. Bank of America-Merrill Lynch and KASB Bank Ltd. are advising MCB on the transaction.