KARACHI (February 09 2010): The Soneri Bank Limited (SBL) has expressed interest for acquisition of controlling shares of Royal Bank of Scotland (RBS) operation in Pakistan. The Soneri Bank has notified the Karachi Stock Exchange (KSE) that the board of directors of SBL in its meeting held on February 08, 2010 has authorised the President/Chief Executive of the bank to convey expression of interest on behalf of the bank for acquisition of controlling shares of their operation in Pakistan and fulfil all the regulatory/statutory requirements in this regard.

The decision was taken in pursuant to the announcement of the Royal Bank of Scotland Group plc that RBS has resolved to divest its interest from its operations in the certain businesses in the Asian region, which include all the assets and undertaking of the RBS Pakistan. Accordingly, SBL will be seeking the approval of the State Bank of Pakistan to proceed with the due diligence of RBS Pakistan once RBS has submitted the requisite application to the SBP in this regard.

Copyright Business Recorder, 2010