4th Jan 2010 07:00
Subject: The Share Purchase Agreement (SPA) signed between the Royal Bank of Scotland Group plc (RBSG) and MCB Bank Limited (MCB) has Lapsed
The Royal Bank of Scotland Group plc (RBSG) early this year considered divestment of Royal Bank of Scotland Limited - Pakistan Operations (RBS Pakistan) as part of its global restructuring process.
On 12th August 2009, MCB announced that it had reached an agreement in principle for the purchase of 99.37% holding in RBS Pakistan from RBSG, (the Transaction).
As announced, the Transaction was subject to the necessary "Regulatory Approvals".
The SPA with RBSG provided that if the necessary "Regulatory Approvals" are not obtained and closing of the Transaction has not occurred on or by 31st December 2009 then the SPA and the Transaction shall lapse.
Some of the "Regulatory Approvals" were not accorded, therefore closing did not occur by 31st December 2009 and, accordingly, the SPA and the Transaction stands lapsed in accordance with the terms thereof.
This is for your information.
Yours truly,
Abdus Sami
Company Secretary
MCB Bank Limited
Related Shares:
RBS.L