EFG Hermes looking to acquire RBS Pakistan

04 February 2010

Egyptian bank requesting permission to do due diligence

Egypt’s EFG Hermes has requested permission to start doing due diligence on the Pakistan assets on Royal Bank of Scotland (RBS).

A spokesman for the State Bank of Pakistan, the central bank, has confirmed that the Egyptian bank has made the request to do due diligence ahead of a potential offer for RBS Pakistan.

Another Pakistan bank, Faysal Bank, has also said it is looking to buy a majority stake in RBS Pakistan.

In March 2009 RBS announced that it was planning a $300bn sell off of assets to boost its balance sheet. Included in this was the banks Middle East operations (MEED 23:04:09).

In August last year a deal by Pakistan’s MCB bank to buy 99.37 per cent of RBS Pakistan collapsed after it failed to get regulatory approval. That deal was valued at around $87m.

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