The Royal Bank of Scotland Group has canceled its agreement for the sale of its holding in The Royal Bank of Scotland (RBS Pakistan) to Pakistan-based MCB Bank (MCB).
The agreement with MCB provided that if the necessary regulatory approvals are not obtained and closing of the transaction has not occurred on or by 31 December 2009 then the agreement and the transaction shall lapse.
In a statement, RBS said that 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.
