Friday, February 10, 2012
- Lahore: Shopping centre caught fire in Gulberg
- Australia beat Sri Lanka by 5 runs, remain unbeaten in tri-series
- Blasts, firing near PTIs rally leave 7 injured in Swabi
- Imran says will shoot down drones if comes to power
- 25 killed, 175 injured in Syria blasts
- Aqib Javed resigns as bowling coach
- NATO supplies from Pakistani airspace never stopped: Pentagon
- 11 militants killed, 19 injured in Orakzai operation
- Mansoor Ijaz to record statement via videolink on Feb 22
- LHC adjourns hearing of petition against TCP
RBS confirms Pakistan deal lapses
Royal Bank of Scotland 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 (54 million pounds) as part of an effort to retrench and focus on its core UK operations. MCB said on Jan 1 that the deal was off because regulatory approval had not been obtained by December 31.
"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 (54 million pounds) as part of an effort to retrench and focus on its core UK operations. MCB said on Jan 1 that the deal was off because regulatory approval had not been obtained by December 31.
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