The Royal Bank of Scotland (RBS) today said it will sell off its Pakistan unit to Faysal Bank for euro 41 million, as part of plans to divest its overseas assets.
The RBS has entered into an agreement to sell a 99.37 per cent stake in RBS Pakistan for euro 41 million to Faysal Bank, RBS said in a statement.
Faysal Bank is majority owned by Bahrain's Ithmaar Bank BSC.
The transaction is subject to regulatory approvals and is expected to be completed in the third quarter of 2010, the statement added.
RBS has a significant presence in India as well, in the banking, asset management and microfinance sectors.
Last year, RBS Group Plc, which is majority-owned by the British government, had said it was withdrawing from retail and commercial banking in Asia to concentrate on wholesale banking in the region as part of its overall strategy.
In August, RBS agreed to sell assets in Taiwan, Singapore, Indonesia, Hong Kong, the Philippines and Vietnam to Australia & New Zealand Banking Group.
