Earlier this year it was speculated that Royal Bank of Scotland (RBS) may wind up its operation in Pakistan as the Group is already struggling with its global operations and want to focus more locally in UK and already has decided to shut down its operations in 36 countries worldwide.
However today’s News is more interesting that MCB previously known as Muslim Commercial Bank which is the largest privately owned commercial in Pakistan to buy RBS Pakistan for Rs. 7.5 Billion or US $ 90.4 Million. MCB shares were up by 4% in the Local Market on the news of RBS acquisition.
MCB is one of the few local Banks in Pakistan that has been showing consistent performance and profits to its shareholders at 1.7% increase in profits for three months ending June 2009. MCB also reported an earning of Rs. 3.62 Billion in the second quarter earlier. Overall the News of RBS acquisition by MCB has seen a positive trend in the Market and also satisfactory by current customers of RBS in Pakistan.