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Jahangir Siddiqui eyes RBS Pakistan unit

Tuesday, 14 Apr, 2009 12:19 pm

KARACHI : Pakistani financial services company Jahangir Siddiqui and Co Ltd. said on Tuesday it is interested in buying the operations of Royal Bank of Scotland (RBS) in Pakistan.

JSCL is the third Pakistani company to express an interest in buying RBS's Pakistani operations after Habib Bank Ltd and MCB Bank did so on Monday.

RBS Pakistan has a market cap of around $266 million.

"JSCL has been invited to conduct due diligence of RBS Pakistan," JSCL said in a statement to the Karachi Stock Exchange.

"JSCL will apply to the State Bank of Pakistan through the financial advisers of RBS, to obtain the requisite permission to commence due diligence of RBS Pakistan."

JSCL was trading 0.72 percent higher at 40.50 rupees per share at 10:28 a.m. (0582 GMT) in a broader market which was down 0.12 percent.

RBS Pakistan gained 8.01 percent at 13.48 rupees.

Copyright Reuters, 2009

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