Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
JS Bank also interested in acquiring RBS Pakistan
04-15-2009, 08:34 AM
Post: #1
JS Bank also interested in acquiring RBS Pakistan
By Mushfiq Ahmad

KARACHI: Following MCB Bank and Habib Bank Limited, JS Bank has also expressed interest in acquiring RBS Pakistan.

JS Bank said on Tuesday it was interested in acquiring entire shareholding of ABN Amro N.V. in RBS Pakistan and that it had been invited to conduct due diligence of RBS Pakistan.

It said it would 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.

JS Bank Limited has been formed after the merger and amalgamation of Jahangir Siddiqui Investment Bank Limited and commercial banking operations of American Express Bank Ltd Pakistan. JS Bank Limited commenced operations in Pakistan as a fully scheduled bank on December 30, 2006. According to its website, the total number of branches reached twenty-four with entry in Quetta and Rawalpindi in September and October last year.

RBS Pakistan had announced in February that it was exploring new ownership for the retail, commercial, GBM and GTS businesses in Pakistan. It said there had been several reasons why this decision had been made.

The annual report of RBS Pakistan for 2008 said it had been decided by the new management of RBS plc to revisit its global footprints in various countries to decide about the future world wide strategic presence to ensure optimum capital rationing. Based on the results of a strategic review conducted for all the locations, RBS Plc had announced its intention to explore new ownership for its businesses in fifteen countries including Pakistan.

The report added: "Local management of the bank is fully committed to RBS Pakistan with an increased focus on business growth during the year 2009. The main challenge remains managing the assets quality, which has negatively affected our profitability. We are working on tightening risk parameters to ensure a reduction in this charge in the years to come. Further, high costs remains a challenge for the upcoming period. We are committed to rationalize expenses in order to improve our operating efficiency ratios."


http://www.dailytimes.com.pk/default.asp...2009_pg5_5
Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  After Emaar, DAMAC Also Interested In Pakistan Salman 0 1,423 07-01-2013 01:32 PM
Last Post: Salman
  World Bank gives $5.5bn aid to Pakistan to boost growth Salman 0 1,183 12-23-2011 01:36 PM
Last Post: Salman
  Meezan Bank wins CFA bank of the year award Lahore_Real_Estate 0 1,392 11-02-2011 12:33 PM
Last Post: Lahore_Real_Estate
  Japan & Italy interested in Gwadar LRE 1 731 06-19-2011 01:11 PM
Last Post: LRE
  'Bank Alfalah, Abu Dhabi Group to stay in Pakistan Lahore_Real_Estate 0 1,448 05-16-2011 11:33 AM
Last Post: Lahore_Real_Estate
  World Bank Approves $900 Million for Flood-Hit Pakistan Lahore_Real_Estate 0 1,096 08-18-2010 04:56 PM
Last Post: Lahore_Real_Estate
  World Bank to draft reconstruction plan for Pakistan Lahore_Real_Estate 0 962 08-12-2010 11:52 AM
Last Post: Lahore_Real_Estate
  Faysal Bank to buy RBS Pakistan for $51m Lahore_Real_Estate 0 1,083 06-16-2010 04:44 PM
Last Post: Lahore_Real_Estate
  Provincial govts least interested in holding LG polls Lahore_Real_Estate 0 742 05-29-2010 10:39 AM
Last Post: Lahore_Real_Estate
  Faysal Bank wins bid for RBS Pakistan Lahore_Real_Estate 0 1,275 05-21-2010 01:06 PM
Last Post: Lahore_Real_Estate
  UK interested in Gwadar Port; Delegation Visit Gwadar LRE 2 2,444 04-27-2010 09:51 AM
Last Post: LRE
  New Bank Timings in Pakistan LRE 0 18,892 04-24-2010 12:54 AM
Last Post: LRE
  State Bank of Pakistan : 'Infrastructure Bank', Mortgage Company to be set up LahoreEstate 0 1,422 11-24-2009 08:38 AM
Last Post: Hamid
  Citi Pakistan named best Internet bank Naveed Yaseen 0 931 11-05-2009 09:39 AM
Last Post: Naveed Yaseen
  Sindh High Court says govt not interested in buying less expensive sugar Naveed Yaseen 0 785 10-27-2009 09:46 PM
Last Post: Naveed Yaseen
  Dubai Islamic Bank – first Islamic Bank to bring Bancatakaful to Pakistan LahoreEstate 0 2,011 10-20-2009 09:34 AM
Last Post: Hamid
  Housing loan defaults surge 45 per cent : State Bank of Pakistan LahoreEstate 0 1,267 10-11-2009 04:14 AM
Last Post: Hamid
  "Poor People's Bank" why not in Pakistan LRE 0 998 09-25-2009 09:52 AM
Last Post: LRE
  Global Finance named Citi Pakistan the Best Consumer Internet Bank in Pakistan LahoreEstate 0 1,139 09-13-2009 04:52 AM
Last Post: Hamid
  Car, house, credit cards business falls sharply : State Bank of Pakistan LahoreEstate 0 1,477 09-09-2009 06:47 AM
Last Post: Hamid

Forum Jump:


User(s) browsing this thread: 1 Guest(s)