Faysal Bank has to hold another round of intricate discussions with RBS on the Share Purchase Agreement, said Faysal Bank. It incorrect to say at this stage that Faysal has won a bid to buy RBS (Pakistan), said a spokesman for FABL in Karachi. Commenting on a wire service''s report (carried by Business Recorder on Friday May 20, 2010,) bank''s official said that we are still in the discussion stage and some documents have to be reviewed.
The report had stated that "Faysal Bank has won a bid to buy Royal Bank of Scotland''s Pakistan operations, a source said on Thursday, allowing its parent Ithmaar to expand its retail footprint. Pakistan lender Faysal, 68 percent owned by Bahraini Islamic lender Ithmaar, beat Egyptian bank EFG-Hermes for the deal, the source with direct knowledge of the matter said, but declined to give the value of the transaction.
The purchase would nearly double Faysal''s branch base and help grow its business in Pakistan, said the source. "The deal is done," the source said, adding an announcement was expected next week. Faysal Bank chief executive Naved Khan was not available for comment while RBS declined to comment.
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