9,838
October 18, 2009
News : The State Bank of Pakistan continues to deny the MCB Bank approval to its acquisition of the Royal Bank of Scotland Pakistan as sponsor shares have yet to be deposited in a blocked CDC account as required by the central bank. It had emerged last week that the central bank was unwilling to grant approval to the deal because MCB Bank’s sponsor shares had not been deposited in a Central Depository Company account, a requirement introduced by the SBP on May 22, 2008….MCB Bank had purchased almost all shares of RBS Pakistan in early August this year for $87 million or Rs 7.2 billion. MCB Bank acquired 1.707 billion (1,707,107,891) ordinary shares for a cash price of Rs 4.22 per share. As a result of the transaction, the total number of branches of combined MCB and the acquired bank will increase to 1,139. The total consolidated deposits will increase to Rs 413 billion and consolidated gross advances to Rs 324 billion…. Daily Times
Market Low : 9,811.98 High : 9,978.36
Market Close : 9,838.12 — 7.62 points down
