Jahangir Siddiqui eyes RBS Pakistan unit

Jahangir Siddiqui & Company Limited (JSCL) has also expressed its interest in acquisition of the entire shareholding of The Royal Bank of Scotland Group plc (RBS) in the RBS Pakistan. The JSCL, after Habib Bank Limited and MCB Bank is the third group, which expressed its interest in acquisition of the shareholding of RBS Pakistan.
The JSCL has been invited to conduct due diligence of RBS Pakistan, an information sent to Karachi Stock Exchange (KSE) said. In this regard, JSCL will apply to the State Bank of Pakistan through the Financial Advisors of RBS, to obtain the requisite permission to commence due diligence of RBS Pakistan.
JSCL notified the Karachi Stock Exchange that upon being granted the requisite permission from the SBP, JSCL shall commence the said due diligence in order to evaluate its potential offer for the said acquisition. It may however, be noted that the transaction is at an early stage and JSCL may or may not be successful in the said acquisition. The Royal Bank of Scotland Group plc is divesting its interest in The Royal Bank of Scotland Limited in Pakistan (RBS Pakistan) through sale of the entire shareholding of ABN Amro Bank N.V. in RBS Pakistan.