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RECORDER REPORT
Saturday, 6 Jun, 2009 4:31 am
KARACHI : The State Bank of Pakistan (SBP) has granted in principle approval to JS Bank Limited, in place of Jahangir Siddiqui and Company Limited, to bid for the acquisition of the entire shareholding of ABN Amro Bank NV in the Royal Bank of Scotland in Pakistan (RBS Pakistan).
This was stated by the bank's management in an information sent to Karachi Stock Exchange (KSE) here on Friday. In this regard, the directors of JS Bank held an emergency meeting to review the said acquisition opportunity, and concluded that this opportunity presents an excellent strategic fit with long-term growth objectives of JS Bank.
To this end, the Board of Directors of the bank authorised the management to submit a binding bid to the Royal Bank of Scotland Group plc. The board of directors also reviewed the proposed funding plan which may include requirement to raise additional equity and/or debt financing on which the board of directors will take final decision subsequent to the acceptance of the bid.
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