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Article: Pakistan: PPP govt set to punish Mansha Group RBS handover to MCB in jeopardy.
- Article from:
- TendersInfo
- Article date:
- September 30, 2009
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he handing over of Royal Bank of Scotland, Pakistan (RBS) to MCB Limited headed by Mian Mohammad Mansha has virtually hit snags because of the wrath of the incumbent regime, which is too much incensed over non-cooperation by MCB Bank to resolve the issue of circular debt in energy sector, a senior government official revealed to the Pakistan Observer.
MCB signed an agreement on August 12, 2009 with The Royal Bank of Scotland Group plc to acquire 99.37 per cent of the ordinary share capital in RBS Pakistan at the cost of Rs 7.2 billion ($85 million).
Now, the materialization of this transaction and acquisition of RBS is in jeopardy, as State Bank of ...