RBS Pakistan sale falls through

4th Jan 2010 07:05

The sale of Royal Bank of Scotland's Pakistan unit has fallen through after the deal failed to get the necessary regulatory approvals and complete before the 31 December deadline.Government-owned RBS agreed in August to sell its 99.4% stake in the business to Muslim Commercial Bank (MCB) for $87m.But it was agreed that if the necessary regulatory approvals were not obtained and closing of the transaction had not occurred on or by 31 December 2009 then the agreement and the transaction would lapse. 'The necessary regulatory approvals were not obtained, and closing did not occur, by 31 December 2009 and accordingly the agreement and the transaction have now lapsed,' read a short statement Monday.